Prince Alwaleed bin Talal Al Saud, a member of the Saudi royal family, has purchased a 5% stake in Lucid Motors. The investment comes after speculation that Saudi Arabia may take Lucid Motors private, which the EV maker has denied. The purchase was made when Lucid's market cap was below $2 billion, according to Prince Alwaleed's post on X.
Saudi Prince Buys 5% Stake in Lucid Motors
UKPulse Money DeskPrince Alwaleed bin Talal Al Saud has purchased a 5% stake in Lucid Motors, increasing Saudi Arabia's overall ownership of the electric vehicle company.
- Prince Alwaleed bin Talal Al Saud has bought a 5% stake in Lucid Motors
- The investment comes after speculation that Saudi Arabia may take Lucid Motors private, which the EV maker has denied
- Lucid Motors has been majority-owned by the Public Investment Fund since its initial investment in 2018
Why this matters: This investment may have implications for Lucid Motors' future ownership and direction.
What this means for you: If you are a Lucid Motors shareholder, this investment may affect the company's future direction and value.