Saudi Arabia's Prince Alwaleed bin Talal has bought a 2.3% stake in Snap - the company behind Snapchat - for $250m (£193m).

The billionaire, who was held for two months in a high-profile corruption crackdown, said he made the investment on 25 May.

 He paid about $11 (£8.51) a share.

His investment comes about three years after he met Snap chief executive Evan Spiegel and chief strategy officer Imran Khan, when the two executives visited Saudi capital Riyadh.

"Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it," Prince Alwaleed said in a statement.

Alwaleed holds stakes in other tech and social media companies, including Twitter, Chinese e-commerce company JD.com and ride-hailing app Lyft.

The deal comes as Snap posted second-quarter earnings on Tuesday that showed Snapchat had lost users.