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.
The electric vehicle manufacturer recently denied reports of bankruptcy.
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).
