Aussie billionaire’s $1 billion investment in Twitter could lead to ‘tremendous’ return
AUSTRALIAN billionaires David and Charles Koch have spent more than $1bn on buying Twitter Inc, setting up a new company to grow their media empire.
The pair, who have made a name for themselves as the conservative billionaires behind the conservative news website Breitbart News, have invested more than a billion dollars in Twitter since it went public in 2014, according to the New York Times.
Their investment in the social media giant, which is owned by News Corp, comes as they are struggling to regain relevance after years of financial mismanagement.
The Kochs have said that they want to make money from their media businesses and the company they built to support it.
But they have yet to show they can make money off the service, which has grown to become a social media powerhouse and has helped propel them to the top of Forbes’ list of the wealthiest people in the world.
David Koch (@DavidKoch) March 15, 2019 They also have a long-standing rivalry with Facebook Inc, whose executives have called Twitter the worst social media platform in the US and criticised its advertising model.
The two have not been shy about criticising each other and have sparred repeatedly over how to deal with their own media empires.
In November, the Kochs accused Facebook of running a “media empire” that would be worth tens of billions of dollars.
Twitter and Facebook have since worked out a deal that allows them to continue working together, but the battle for dominance has continued.