Saudi Arabia's Kingdom Holding is close to buying a $200 million stake in Jack Dorsey's mobile payments startup Square, FOX Business Network's Maria Bartiromo reported this morning on her show, Opening Bell.
Price Alwaleed has already struck gold by investing in a Dorsey founded startup; back in 2011, Kingdom Holding put 300 million in Twitter, taking a 3 percent stake. It was a good decision: the investment holdings company benefited enormously when Twitter went public in November of last year.
"I am told Alwaleed team is looking to acquire senior preferred stock in Square valuing the company at $5 billion dollars," Bartiromo reported. "Kingdom Holding wants to take up to a 3 percent stake in Square and certainly will be well positioned once that company goes public, which I am told could happen later on this year."
Kingdom Holding is a diversified investment company with a portfolio that primarily consists of high-end hotel and real-estate holdings, but also has major investments in a handful of technology companies including AOL, Apple and Motorola.