Twitter sells $300M stake to Saudi Prince Alwaleed

Prince Alwaleed Bin Talal

Updated. Twitter has received a $300 million investment from Saudi Arabian Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and his investment company, Kingdom Holding.

The deal, which was first reported by Bloomberg, was officially announced in a press statement released by Kingdom Holding on Sunday night. The statement reads in part: “This investment was the result of several months of negotiations and comprehensive due diligence and represents a strategic stake in Twitter.”

With a reported net worth of $19.6 billion, Prince Alwaleed is the 26th-richest person in the world, according to Forbes. While Kingdom Holding is probably best known for its media investments — the company holds 7 percent of News Corp.’s (s NWS) class B shares, along with a number of media properties in the Arab world — Prince Alwaleed is also familiar with the tech scene: He has been a high-profile owner of Apple (s AAPL) stock since 1997, when he bought a 5 percent stake in the company for $115 million.

The move comes just a few months after Twitter closed on some $800 million in a funding round led by DST Global. This brings Twitter’s total funding to nearly $1.5 billion. Update: New reports are indicating Prince Alwaleed may have spent $300 million in buying shares from existing investors, not directly from Twitter itself. We’ve reached out to Twitter for more details and will update if and when information is available.

Of course, the company is working to generate money on its own accord: Earlier this month Twitter unveiled a refreshed design that, among other things, gives brands the ability to build dedicated profile pages. This is seemingly part of an effort to ultimately bring more advertisers to the microblogging site. But while Twitter’s leadership seems focused on making such revenue initiatives a priority, it looks like the company is not turning down outside money just yet.