Prince Alwaleed Bin Talal of Saudi Arabia announced he has purchased 2.3 percent of Snap.

Prince Alwaleed disclosed on Tuesday that he made the $250 million investment on May 25, at an average cost of $11 per share. He initially met with Snap CEO Evan Spiegel and Imran Khan, the company's chief strategy officer, in 2015, when the two executives visited Riyadh.

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"Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it," Prince Alwaleed said in a statement.