The investment came even as the number of users of Snapchat fell 2% in the most recent quarter to 188m, from 191m at the end of March.
Saudi Arabia’s Prince Alwaleed Bin Talal has taken a 2.3% stake in Snapchat, as per media reports. He reportedly paid about $11 a share.
With the acquired shares valued at $250m, Prince Alwaleed described Snapchat in a statement as “one of the most innovative social media platforms in the world. We believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it”.
The investment came even as the number of users of Snapchat fell 2% in the most recent quarter to 188m, from 191m at the end of March. His investment comes about three years after he met Snap Chief Executive Evan Spiegel and Chief Strategy Officer Imran Khan, when the two executives visited Saudi capital Riyadh.
Alwaleed holds stakes in other tech and social media companies, including Twitter, JD.com and Lyft. He also chairs the Kingdom Holding Company.
The company is reportedly considering opening an office, as well as working on a content deal with MiSK Foundation, a Saudi youth empowerment organisation chaired by Crown Prince Mohammed bin Salman.