Saudi Prince Still Owned More Than 5% Of Twitter As Of December 31

Shares of Twitter Inc (NYSE: TWTR) were trading higher by more than 3 percent on Wednesday despite a regulatory filing which indicated that a major investor lowered his stake in the firm.

According to a Schedule 13G form which was released on Wednesday, Alwaleed Bin Talal, a Saudi Prince and manager of the Kingdom Holding Company, disclosed his stake in Twitter was reduced to 5.12 percent as of December 31, 2015.

Bin Talal previously owned 5.17 percent of Twitter, according to regulatory filings which were disclosed back in October.

Shares traded recently at $16.60, up 3.3 percent on the day.