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Prince Alwaleed Now Owns Over 5% of Twitter

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Saudi billionaire, Prince Alwaleed Bin Talal, has doubled his investment with social media company, Twitter, he now owns 5.17% of the company.

This equates to a whopping 34.9 million shares worth nearly $1 billion. It also makes him the second-biggest investor in the company next to co-founder Evan Williams, who owns 6.9%.

The announcement comes just days after Twitter named Jack Dorsey as its permanent CEO.

Alwaleed made his initial $300 million investment in Twitter in 2011, before the company went public in 2013.

The Saudi prince is currently ranked by Forbes as the 34th richest person in the world, with a fortune of $23.8 billion.

His other major investments includes Citigroup, 21st Century Fox, Time Warner and Disney.