Prince Alwaleed says he has acquired a 2.3% stake in Snap

Source: Kingdom Holding Company

Evan Spiegel, CEO of Snap and Prince Al-Waleed bin Talal 

Prince Alwaleed has also invested in Twitter, JD.com and Lyft, among other companies.

Snap has held discussions to expand its presence into Saudi Arabia, sources familiar with the talks told CNBC in April. The company was mulling opening an office, as well as working on a content deal with MiSK Foundation, a Saudi youth empowerment organization chaired by Crown Prince Mohammed bin Salman.

Snap also postedsecond quarter earnings on Tuesday. Though its service lost daily active users, the company reported a narrower loss than expected as well as double-digit growth in revenue and average revenue per user. Snap shares rose as much as 11 percent after the report.

Note: CNBC parent company NBCUniversal is an investor in Snap.