● Covered by 1 source · 1 reportLow impact1 neutral
Saudi Prince Al Waleed bin Talal acquires 5% stake in Lucid Motors
Key points
- Prince Al Waleed bin Talal bought over 19 million Lucid shares.
- The purchase was made when Lucid's market cap was below $2 billion.
- Saudi Arabia's Public Investment Fund already holds a majority stake.
- Lucid Motors is undergoing restructuring and workforce reductions.
New Investment in Lucid Motors
Prince Al Waleed bin Talal Al Saud, a member of the Saudi royal family, has acquired a 5% stake in electric vehicle manufacturer Lucid Motors. This purchase, consisting of more than 19 million shares, was disclosed in a U.S. Securities and Exchange Commission filing. The prince stated on X that his investment office made the acquisition when Lucid's market capitalization was under $2 billion.
Context of the Investment
This investment comes after Lucid Motors denied reports in July suggesting it was considering bankruptcy or a private takeover by Saudi Arabia's sovereign wealth fund. Lucid's stock price has since recovered. The company's chief communications officer, Nick Twork, acknowledged the investment as an "independent vote of confidence."
Ongoing Restructuring and Saudi Support
The share purchase occurs amidst a major restructuring effort at Lucid, initiated by newly appointed CEO Silvio Napoli. This includes an 18% workforce reduction in June, following an earlier layoff. Saudi Arabia's Public Investment Fund (PIF) has been the majority owner of Lucid Motors since 2018 and has maintained roughly 60% ownership since the company went public in 2021, providing significant financial support as Lucid aims to expand its market reach.
Prince Al Waleed's Investment History
Prince Al Waleed bin Talal has a history of investing in U.S. tech companies. He was a major shareholder in Twitter when it was public and became the second-largest shareholder after Elon Musk took it private. His investment in Lucid Motors continues this pattern of engagement with technology firms.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Prince Al Waleed bin Talal Al Saud has purchased a 5% stake in Lucid Motors, increasing Saudi Arabia's overall ownership in the electric vehicle company. This investment follows a period of restructuring at Lucid and continued financial support from Saudi entities.