Saudi Prince Alwaleed bin Tala has made a $300 million investment in Twitter through his firm Kingdom Holding, Bloomberg is reporting.
Twitter did not immediately respond to questions about the investment, but Bloomberg said the prince's company purchased a "strategic stake" in Twitter.
Alwaleed, ranked the richest Arab businessman by Arabian Business Magazine, is a frequent tech investor. He owns stock in or has poured money into Apple, Hewlett Packard, and many others. According to CNET, he was active in the dot-com boom, investing in various Web companies such as Priceline.
Alwaleed is also the nephew of Saudi Arabian King Abdullah bin Abdulaziz Alsaud.
His investment could value Twitter at $10 billion. Twitter's last funding round, led in August by DST Global, brought the micro-blogging service's valuation to $8 billion.
Bloomberg said the latest funds will be used to beef up and revamp advertising on Twitter.
Earlier this month, Twitter unveiled a major redesign that brings a simplified version of the site to the desktop and mobile apps. The update revamps the layout of the Twitter timeline and users' profiles. It also adds a new discovery tool, overhauls the @Mentions section, and provides an easy-access "tweet" button.
Twitter said the redesign is "just the beginning… We now have a framework in place that we will quickly build and iterate upon to help users connect with whatever is meaningful to them."
Twitter previously overhauled its interface in in August 2010, adding an enhanced sidebar that displayed images and user profile information without having to leave the main feed.
For more on the latest tweaks to social networking sites, see Twitter, Facebook, Google+: What's with All the Change?