Lucid Stock Jumps 20% After Billionaire Saudi Prince Investment
Saudi Prince Alwaleed Bin Talal Alsaud on Tuesday disclosed a 5% stake in Lucid Motors valued at more than $150 million, sending shares in the electric vehicle maker skyrocketing after it dismissed bankruptcy rumors earlier this month.
Prince Alwaleed disclosed ownership of 19.5 million shares of Lucid’s Class A stock to the Securities and Exchange Commission, representing about 5% equity in the company, valuing his stake at about $153 million as of Tuesday afternoon.
Shares of Lucid surged 20.5% on Tuesday to around $7.80 after earlier peaking as high as $8.48, though the stock is still down 71% over the last 12 months and nearly 28% this year so far.
Prince Alwaleed confirmed his stake in a post on X, writing his shares were acquired when Lucid’s market capitalization was below $2 billion, which would have come as early as June 25 (shares hit an all-time low on July 14).
Prince Alwaleed, who holds stakes in several companies, like the Four Seasons hotel chain through the Saudi Arabia-listed Kingdom Holding, has a net worth estimated at $22.9 billion. He has invested in both X and Elon Musk’s SpaceXAI, formerly xAI, in addition to investments in Snap and the Arabic-language movie and music firm Rotana. Forbes removed Prince Alwaleed from its billionaire ranks in 2018 following his monthslong detainment by the Saudi government in 2017, before he and other Saudis were included again in 2025.
$90.9 billion. That’s Lucid’s all-time high market capitalization reached in November 2021, when shares traded as high as $648.60. Lucid’s stock lost almost all of its value by July 14, when shares traded as low as $2.37, marking a 99.6% collapse.
Lucid has recovered slightly since shares hit a record low earlier this month, when the electric-vehicle publication EV reported the automaker had considered filing for bankruptcy. In a statement to Forbes, Lucid’s chief communications officer Nick Twork said the report was “completely false” and Lucid had “sufficient liquidity” for the next year and had not explored bankruptcy. Lucid, once viewed as a potential rival to Tesla, was founded by a former Tesla engineer and went public via a SPAC deal in 2021, valuing the company at $24 billion. It posted a net loss of over $1 billion through its first quarter this year and announced layoffs in February and June.