Billionaire Saudi Prince Alwaleed bin Talal is reportedly exploring scooping up hundreds of millions of dollars worth of stock in microblogging site Twitter.
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According to Sky News blogger Mark Kleinman, Prince Alwaleed’s Kingdom Holding is examining taking a $200-$300 million stake in San Francisco-based Twitter from one of the company’s co-founders. After a recent round of fundraising by Twitter, that would equate to a stake of about 3%.
It’s not clear yet if Kingdom Holdings has already reached a deal with Twitter co-founders Biz Stone and Evan Williams or if it has simply started talks, the report said.
With about $19.6 billion in assets, Prince Alwaleed is ranked by Forbes as the 26th richest person in the world. He holds a 7% stake in FOX Business and Sky News parent News Corp. (NASDAQ:NWSA), which is run by Rupert Murdoch.
Prince Alwaleed’s Kingdom Holdings investment company, which Wednesday reported a 24% leap in quarterly profits, also owns investments in media giant Time Warner (NYSE:TWX) and Apple (NASDAQ:AAPL).
In August Twitter raised about $800 million, mostly from existing shareholders like T Rowe Price (NASDAQ:TROW), as well as from Russian investment company Digital Sky Technologies.
While daily deals site Groupon, Internet radio company Pandora (NYSE:P) and other new-age Internet companies are racing to go public or already have, Twitter has thus far resisted the IPO bug, choosing instead to perfect its business model.