Saudi billionaire increases in Snap

Reuters

Saudi billionaire Prince Alwaleed Bin Talal has a 2.3% stake in Snap, the purchase of $250 million (£194m) worth of shares in the social media company.

The investment came as the company struggles to build the trust of the investors in his Snapchat messaging service.

The number of daily active users fell by 2% in the last quarter to 188 million, from 191 million at the end of March.

The company is also in the competition for digital advertising giants like Facebook.

Despite the decline in the number of users, the company’s sales and the decline of losses, said in its second quarter.

The company income of $262m in the quarter to 44% compared to the same period in the year 2017. Losses were $353, down 20% year-on-year.

The number of daily active users was about 8% higher than the same period in the year 2017.

At the announcement of his investment, Prince Alwaleed by the name of Snapchat “is one of the most innovative social media platforms in the world”.

“We believe that it has just scratched started on the surface of his true potential and we are blessed to be a part of it,” he said.

The business, in which he completed the shares acquired at an average price of $11 each in may, he said.

The Prince also invested in other tech companies, including Lyft, Twitter, and JD.com.