Prince Alwaleed bin Talal and his investment company announced Monday that they are investing $300 million in Twitter.
AP reports that the deal follows months of negotiations between the social media site and Alwaleed's investment company, Kingdom Holding Co. The investment represents a "strategic stake" in Twitter, but it is not clear how much of the site Alwaleed bin Talal will control.
Alwaleed ranks 26th on Forbes' list of the world's richest people. Alwaleed says that the deal represents an interest "in promising, high-growth businesses with a global impact."
"We believe that social media will fundamentally change the media industry landscape in the coming years. Twitter will capture and monetize this positive trend," Ahmed Halawani, Kingdom Holding Co.'s executive director of private equity and international investments, said in a statement.
Read more about Prince Alwaleed bin Talal here.