Alwaleed: Twitter has "great potential"

Kingdom Holding chairman and Twitter investor talks up social network on US TV
Prince Alwaleed:
Prince Alwaleed:


The potential of Twitter is "spectacular and great", according to Prince Alwaleed bin Talal, chairman of Kingdom Holding and major investor in the online social network.

In December 2011, Saudi royal Alwaleed announced that Kingdom Holding would be purchasing a $300 million stake in Twitter, the popular online messaging platform that allows its users to broadcast short messages, or ‘tweets'.

In an interview on US television talk show Charlie Rose this week, Alwaleed talked up Twitter's potential: "We believe that we came at the right time. And we believe that the potential for Twitter is spectacular and great," Alwaleed told Rose, adding that the online platform is now "getting into a maturity level".

"Because already right now they have 100 million users and more than 250 million tweets every day, and this could go dramatically higher," Alwaleed continued. "And the potential for Twitter is dramatic and high."

In the interview, Alwaleed also discussed the passing of Apple founder Steve Jobs late last year. Kingdom Holding is a major investor in the Cupertino-based electronics maker, and Alwaleed claimed that Jobs's influence over the company would continue to resonate in the short term.

"Well, the legacy of Steve Jobs and the strength of Steve Jobs is that he established a company that's clearly moving on all cylinders and clicking very well," Alwaleed observed. "Clearly, I think for next five, six quarters, this will be still the legacy of Steve Jobs."

Alwaleed also gave his thoughts on another social network, Facebook, which last week filed for an initial public offering (IPO) in the US. The IPO seeks to raise between $5 billion and $10 billion, but Alwaleed was cautious over potential investment from Kingdom Holding. "Once it goes public, we will evaluate the company and see where it is heading. We will get more information."

Alwaleed, grandson of Saudi Arabia's founder Abdul Aziz Al Saud, is the Gulf state's wealthiest individual with an estimated net worth of $19.6 billion.

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