Saudi Prince buys Netscape stake

Prince Al-waleed Bin Talal Bin Abdulaziz of Saudi Arabia has continued his venture into IT investment by buying a five per cent stake of Netscape Communications.

The prince, who earlier this year bought a 5 percent stake in Apple for $115 million, has bought 4.46 million common shares of Netscape for a cost of $146 million.

Claimed to be motivated by the recent stock market slide, the Prince has said that he also bought $300 million worth of Motorola shares.