Screw Zuckerberg and the shower shoes he rode in on: SnapChat, which specializes in pictures of genitalia that disintegrate in a timely matter, is probably going to get a nice little investment from Saudi Prince Alwaleed. Money is yet to pass hands, but the Prince issued a press release re: his tête-à-tête with CEO Evan Spiegel, which included "a luncheon in honor of his guest at Kingdom Resort" and was attended by top execs and feathered friends.
Top execs from Snapchat, including CEO Evan Spiegel and Chief Strategy Officer Imran Khan, met with Saudi Arabia's Prince Alwaleed bin Talal amid funding rumors for the fast-growing startup, according to an official release from Prince Alwaleed's investment company on Sunday. Through his company, Kingdom Holding Company, Prince Alwaleed has made multiple investments in the technology sector, including purchasing a $300 million stake in Twitter in 2011. According to the release, he talked with Spiegel about business and economic issues as well as "potential business cooperation." "The two also discussed Prince Alwaleed’s investments in the U.S. in light of being the largest individual foreign investor there," the release read. "Also, on the agenda of discussions was future potential business cooperation between [Kingdom Holdings] and Snapchat in the technology field. Moreover, Prince Alwaleed hosted a luncheon in honor of his guest at Kingdom Resort."