Prince Alwaleed Bin Talal, a Saudi billionaire has taken a 2.3% stake in Snap, purchasing shares worth $250 million in the social networking organization.

The venture came as the organization battles to establish investors trust in its Snapchat messaging app.

The quantity of every day dynamic users fell by 2% in the latest quarter from 191 million to 188 million, towards the end of March.

The firm additionally faces rivalry for digital promotions from goliaths like Facebook.

Regardless of the fall in the quantity of dynamic users, the firm said incomes were up and its loses had reduced in its second quarter.

The firm earned income of around $262 million in the quarter, up by 44% from a similar period in 2017. Losses were $353 million, down 20% year on year.

The quantity of regular dynamic users was around 8% more than in a similar period in 2017.

In declaring his venture, Prince Alwaleed called Snapchat “one of the most innovative social media platforms in the world”.

“We believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it,” he said.

The arrangement, in which he bought shares at a cost of $11 each, was settled in May, he said.

The prince has additionally put resources into other tech organizations, including Twitter, JD.com and Lyft.