Saudi Prince Alwaleed bin Talal recently purchased approximately 5% of Lucid Motors, further increasing Saudi Arabia's stake in the electric vehicle company. The latest disclosure from the U.S. Securities and Exchange Commission shows that he recently purchased slightly more than 19 million shares.

Details of the increased holdings

This purchase occurred when Lucid's market capitalization was below $2 billion. Alleward stated on X that his investment office completed the transaction on July 14th.

Lucid had previously denied reports that it was considering bankruptcy protection or being privatized by Saudi Arabia's sovereign wealth fund. Following the emergence of these rumors, the company's stock price subsequently rebounded.

Saudi Arabia's shareholding continues to rise

Lucid has received support from Saudi Arabia's Public Investment Fund (PIF) since 2018. PIF currently holds approximately 60% of Lucid's shares, and this investment has further expanded Saudi Arabia's influence in the automaker.

Lucid spokesperson Nick Twork told TechCrunch that the company does not comment on individual investments, but noted and appreciated this independent vote of confidence.

Alwaleed's technology investment

Alwaleed has a long history of investing in US technology. He was a major shareholder in Twitter and also holds stakes in Snap and Deezer.