Prince Alwaleed on investing $300 million in Twitter, and heeding Warren Buffett's spending advice

Less than two weeks since Twitter became a publicly traded company, on Monday evening Piers Morgan welcomed billionaire Prince Alwaleed Bin Talal, the founder and CEO of the Kingdom Holding Company and a man who's enjoyed his fair share of success investing in the international micro-blogging service.

Joining the "Piers Morgan Live" host in studio, Alwaleed discussed his strategy, noting that he waited until after the social media giant began to evolve before pouring in $300 million:

“We followed Twitter from the beginning, we liked the business model, yet we did not invest from the beginning because it was still at the venture capital level," he said. "There’s still a lot of discussion on how it’s going to monetize its business model to make profit in the coming quarters."

Morgan proceeded to ask Alwaleed about his lavish spending, in the process showing Alwaleed a question from American billionaire Warren Buffett:

“When is he going to adopt my spending habits," wondered Buffett. "If he is to be known as the Arabian Buffet, he may have to cut back a bit.”

In response, the man often seen in large palaces, or on yachts, offered his undying admiration for Buffett:

“I will take his advice and implement it very fast. I can’t say no to Warren,” he told Morgan.

Watch the clip for more of Morgan's interview with Prince Alwaleed, and for the next edition of "Piers Morgan Live," watch CNN every night at 9.
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