Wednesday, August 8, 2018

Snap Raises $250M From Saudi Family

Venice-based Snap Inc., the parent company of Snapchat, has raised $250M in the publicly held company from the Saudi royal family. Saudi Arabian Price Al-Waleed Talal said on Tuesday that he has invested $250M in Snap, taking a 2.3 percent stake in the company. The announcement of the deal came via a video of Al-Waleed Talal and Snap CEO Evan Spiegel. The investment injection comes as Snap announced its Q2 results, where the company reported a net loss of $353.3M in the three months ended June 30, 2018, on revenues of $262M.

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