Saudi Prince Al Waleed Acquires 5% Stake in Lucid Motors
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Saudi Prince Al Waleed Acquires 5% Stake in Lucid MotorsSaudi billionaire Prince Al Waleed bin Talal Al Saud has purchased a 5% stake in electric vehicle manufacturer Lucid Motors, adding to Saudi Arabia’s already significant financial involvement in the company.A filing published by the United States Securities and Exchange Commission on Tuesday showed that the prince acquired more than 19 million Lucid shares.Prince Al Waleed confirmed the investment in a post on X, saying his investment office bought the shares while Lucid’s market capitalisation was below $2 billion.The transaction follows reports that emerged in July suggesting Lucid was considering bankruptcy protection or a possible takeover by Saudi Arabia’s Public Investment Fund. Lucid rejected those reports, and the company’s share price later recovered.Lucid Chief Communications Officer Nick Twork said the electric vehicle manufacturer does not comment on individual investments. He nevertheless welcomed the confidence investors continue to show in the company.The new investment comes while Lucid is implementing a major restructuring programme under its newly appointed Chief Executive Officer, Silvio Napoli.Napoli announced in June that the company would reduce its workforce by 18% as part of measures intended to simplify operations.Saudi Arabia’s Public Investment Fund has held a controlling interest in Lucid since 2018. Its initial investment followed the kingdom’s consideration of a possible acquisition of Tesla, a plan that was later abandoned.The sovereign wealth fund has maintained an ownership stake of approximately 60% since Lucid became a publicly traded company in 2021 through a merger with a special purpose acquisition company. The transaction raised about $4 billion.Saudi Arabia has continued supporting Lucid through additional share purchases and billions of dollars in loans as the electric vehicle manufacturer works to strengthen its position in international markets.Prince Al Waleed has an extensive record of investing in major technology companies. Through his investment firm, he previously held a significant stake in Twitter before the social media platform was acquired by Elon Musk.
Saudi Prince Al Waleed Acquires 5% Stake in Lucid Motors
Saudi billionaire Prince Al Waleed bin Talal Al Saud has purchased a 5% stake in electric vehicle manufacturer Lucid Motors, adding to Saudi Arabia’s already significant financial involvement in the company.
A filing published by the United States Securities and Exchange Commission on Tuesday showed that the prince acquired more than 19 million Lucid shares.
Prince Al Waleed confirmed the investment in a post on X, saying his investment office bought the shares while Lucid’s market capitalisation was below $2 billion.
The transaction follows reports that emerged in July suggesting Lucid was considering bankruptcy protection or a possible takeover by Saudi Arabia’s Public Investment Fund. Lucid rejected those reports, and the company’s share price later recovered.
Lucid Chief Communications Officer Nick Twork said the electric vehicle manufacturer does not comment on individual investments. He nevertheless welcomed the confidence investors continue to show in the company.
The new investment comes while Lucid is implementing a major restructuring programme under its newly appointed Chief Executive Officer, Silvio Napoli.
Napoli announced in June that the company would reduce its workforce by 18% as part of measures intended to simplify operations.
Saudi Arabia’s Public Investment Fund has held a controlling interest in Lucid since 2018. Its initial investment followed the kingdom’s consideration of a possible acquisition of Tesla, a plan that was later abandoned.
The sovereign wealth fund has maintained an ownership stake of approximately 60% since Lucid became a publicly traded company in 2021 through a merger with a special purpose acquisition company. The transaction raised about $4 billion.
Saudi Arabia has continued supporting Lucid through additional share purchases and billions of dollars in loans as the electric vehicle manufacturer works to strengthen its position in international markets.
Prince Al Waleed has an extensive record of investing in major technology companies. Through his investment firm, he previously held a significant stake in Twitter before the social media platform was acquired by Elon Musk.
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