Saudi Prince Al Waleed Acquires 5% Stake in Lucid Motors
Original: Saudi prince buys 5% stake in Lucid Motors
Why This Matters
Saudi royal family deepens personal and sovereign investment in a struggling U.S. EV startup amid restructuring.
Saudi Prince Al Waleed bin Talal Al Saud has purchased over 19 million shares, representing a 5% stake in Lucid Motors, when the EV maker's market cap fell below $2 billion on July 14, 2026, amid bankruptcy rumors the company denied.
Prince Al Waleed bin Talal Al Saud disclosed the purchase via a new SEC filing and a post on X, stating his investment office acquired the shares when Lucid's market cap dipped below $2 billion. That drop occurred on July 14 after an EV blog reported Lucid was weighing bankruptcy or a Saudi sovereign wealth fund take-private deal. Lucid strenuously denied those reports and its stock has since rebounded. Lucid CCO Nick Twork told TechCrunch: 'We don't comment on individual investments, but we are aware and appreciate the independent vote of confidence.' The purchase adds to Saudi Arabia's already dominant position in Lucid. The Public Investment Fund (PIF) has held roughly 60% of Lucid since its 2021 SPAC merger, which raised $4 billion, and has since continued buying shares and lending billions as Lucid struggles to reach mass-market EV buyers. The investment also comes amid a major restructuring under new CEO Silvio Napoli, who cut 18% of the workforce in June 2026 to 'simplify the company,' following another large layoff earlier in the year. Prince Al Waleed, often called the 'Arabian Warren Buffett,' has a history of U.S. tech investments including stakes in Snap and Deezer, and was a major X shareholder before and after Elon Musk's acquisition.