Saudi prince buys 5% stake in Lucid Motors
Saudi Prince Alwaleed bin Talal has acquired a 5% stake in Lucid Motors, bolstering the company's financial position amid restructuring efforts. This investment follows a period of volatility for the EV maker, which is already majority-owned by the Saudi Public Investment Fund.
Why it matters
The investment underscores the strategic importance of the electric vehicle sector to Saudi Arabia's sovereign wealth diversification efforts.
Prince Alwaleed bin Talal Al Saud, a member of the Saudi royal family, has purchased a 5% stake in Lucid Motors, increasing the Kingdom’s overall ownership of the electric vehicle company.
A new filing with the U.S. Securities and Exchange Commission published Tuesday shows that the billionaire prince recently purchased a little more than 19 million shares. In a post on X, he wrote that his investment office made the purchase when Lucid’s market cap was below $2 billion.
That happened on July 14, when an electric vehicle blog published a report claiming that Lucid was considering either filing for bankruptcy protection or being taken private by Saudi Arabia’s sovereign wealth fund. Lucid strenuously denied the reports , and the company’s stock price has since rebounded.
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