Monday, March 9, 2015

Snapchat Courts Saudi Arabian Prince In New Funding

Venice, California-based Snapchat is in discussions with Saudi Arabian Prince Alwaleed bin Talal, over possible future funding for the company, according to the Prince's investment firm, Kingdom Holding Company. According to KHC, Prince Alwaleed bin Talal met with Snapchat CEO Evan Spiegel, along with Imran Khan, Chief Strategy Officer, Snapchat over the weekend, at the Prince's Kingdom Resort. Kingdom Holding Company did not reveal any other details of the possible investment. Prince Alwaleed bin Talal's investment company owns huge stakes in such companies as Citigroup, 1st Century Fox, the Fairmont New York Plaza, Twitter, and many other U.S. companies, and says the Prince is the largest individual foreign investor in the United States.