Snap Inc, the American technology company and the organization behind the popular social networking app “Snapchat” got a fresh infusion of cash of $250M from Saudi Price Al-Waleed Talal. Prince Al-Waleed Talal posted a video on his twitter account with Snapchat CEO Evan Spiegel telling that he has invested $250M into Snap Inc.
Here’s the video tweet from his twitter account:
إستثمرت ٩٥٠ مليون ريال سعودي لاتمام صفقة شراء حصة بنسبة ٢,٣٪ في شركة سناب شاتhttps://t.co/XXOgEvEB2W
— الوليد بن طلال (@Alwaleed_Talal) 7 August 2018
Besides Snapchat, Prince Al-Waleed Talal has also invested in companies like Lyft (an on-demand transportation company), JD.com (a Chinese e-commerce company), and social networking website like Twitter.
As per the sources, The Saudi price sat down with the CEO and COO of Snapchat earlier in 2015, but no results came out from it until now. This time the deal was done on 25th of May at around $11 per share price (as seen on TechCrunch) before Snapchat’s Q2 earnings were released.
Last week, Prince Al-Waleed Talal also announced that he invested $267 million in a French music streaming service “Deezer”. The investment done in Snap Inc. is from his Kingdom Holding Company and Rotana.
Although the company has beaten the analyst’s expectation in their Q2 earnings reports, the daily active users (DAU) has declined by 3M for the first time.
For more latest update, visit our news section 🙂