Saudi prince acquires 5% stake in Lucid Motors
What's the story
Prince Al Waleed bin Talal Al Saud of the Saudi royal family has acquired a 5% stake in Lucid Motors. The move boosts the Kingdom's overall ownership of the electric vehicle (EV) company. A recent filing with the US Securities and Exchange Commission (SEC) revealed that Prince Al Waleed's investment office bought just over 19 million shares. The prince posted on X that the purchase occurred when Lucid's market cap was below $2 billion.
Market response
Lucid Motors denied bankruptcy reports
The share purchase comes after an EV blog claimed on July 14 that Lucid Motors was considering filing for bankruptcy protection or going private under Saudi Arabia's sovereign wealth fund.
The company denied these reports and its stock price has since rebounded.
"We don't comment on individual investments, but we are aware and appreciate the independent vote of confidence," said Nick Twork, chief communications officer at Lucid Motors, in a statement to TechCrunch.
Corporate changes
Restructuring and layoffs
The share purchase comes amid a major restructuring effort led by Lucid's newly appointed CEO, Silvio Napoli.
In June, he cut 18% of the workforce to "simplify the company." This was after a similar large layoff earlier this year before Napoli took over.
The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has been the majority owner of Lucid Motors since its initial investment in 2018.
Financial backing
PIF's stake in Lucid Motors
The PIF has held a roughly 60% stake in Lucid Motors since the EV maker merged with a special purpose acquisition company in 2021.
This transaction brought it to public markets and raised $4 billion.
The Saudis have continued to be a major source of financial support for Lucid Motors since its public debut, buying shares and lending billions as the company struggles to reach mass-market EV buyers in the US and abroad.
Twitter Post
Prince Al Waleed announced the news on X
قدّم مكتبي الخاص الإفصاح المطلوب للـ(SEC) بشأن حصتي البالغة ٥٪ في @LucidMotors، التي استحوذت عليها بقيمة سوقية للشركة تقل عن ملياري دولار أمريكي.
— الوليد بن طلال (@Alwaleed_Talal) July 28, 2026
My Private Office filed the required SEC disclosure regarding my 5% stake in @LucidMotors, acquired at a market cap of less than $2B.