Lucid Shares Jump 20% After Saudi Prince Reveals $153 Million Stake

Lucid Motors shares surged Tuesday after Saudi billionaire Prince Alwaleed Bin Talal Alsaud disclosed a significant investment in the electric vehicle manufacturer, only weeks after the company rejected speculation that it was preparing for bankruptcy. The disclosure sparked strong investor interest, sending the stock sharply higher during the trading session.

A filing with the U.S. Securities and Exchange Commission showed Prince Alwaleed owns 19.5 million shares of Lucid’s Class A stock, representing approximately a 5% ownership stake in the company. Based on Tuesday afternoon’s market value, the investment was worth about $153 million.

Lucid’s stock climbed 20.5% to roughly $7.80 on Tuesday after reaching an intraday high of $8.48. Despite the rally, the company’s shares remain down about 71% over the past 12 months and nearly 28% since the beginning of the year.

Prince Alwaleed also confirmed the investment in a post on X, stating that he purchased the shares when Lucid’s market capitalization was below $2 billion. That valuation would have been reached as early as June 25, while the company’s stock later fell to an all-time low on July 14.

The Saudi investor, whose estimated net worth stands at $22.9 billion, holds interests in several major businesses, including the Four Seasons hotel chain through Saudi Arabia-listed Kingdom Holding. His investment portfolio also includes stakes in X, Elon Musk’s xAI, Snap and Arabic-language entertainment company Rotana. Prince Alwaleed was removed from global billionaire rankings in 2018 after being detained by the Saudi government in 2017, before returning to the rankings in 2025.

Lucid’s market value once reached an all-time high of $90.9 billion in November 2021, when its shares traded as high as $648.60. By July 14 this year, however, the stock had dropped to as low as $2.37, representing a decline of approximately 99.6% from its peak.

The electric vehicle maker has recovered modestly since that record low. Earlier this month, EV publication EV reported that Lucid had considered filing for bankruptcy. The company denied the claim, with Chief Communications Officer Nick Twork calling the report “completely false” and saying Lucid had “sufficient liquidity” for the next year and had not explored bankruptcy.

Founded by a former Tesla engineer, Lucid entered the public markets through a SPAC merger in 2021 that valued the company at $24 billion. Once viewed as a leading challenger to Tesla, the automaker reported a net loss of more than $1 billion during the first quarter of this year and announced workforce reductions in both February and June.