|
Senior management at Snapchat, the social media platform that
allows more than 100 million users to send messages that
disappear after a few seconds, held talks with Alwaleed on March
8.
The meeting, in which Snapchat Chief Executive Evan Spiegel and
chief strategy officer Imran Khan were present, triggered
speculation that Alwaleed may take part in Snapchat's new
funding round that has already seen Alibaba Group Holding invest
$200 million -- giving the Los Angeles-based firm a valuation of
around $15 billion.
Kingdom took part in talks over a potential investment in
Snapchat but decided not to invest in the application, the
source said.
The source declined to reveal the reason for the decision, and
refused to be named due to the sensitivity of the matter.
Kingdom Holding and Snapchat, respectively, did not respond to
requests for comment.
Kingdom Holding owns a sizable stake in microblogging site
Twitter, in addition to a wide range of investments that
includes Citigroup, Euro Disney and London's Savoy Hotel.
(Reporting by Hadeel Al Sayegh, editing by David Evans)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
