Prince Alwaleed bin Talal has disclosed a 5.00% holding in Lucid Motors, according to a Schedule 13G filed with the Securities and Exchange Commission (SEC) on Tuesday.
The Saudi royal reported 19,513,000 shares of Class A common stock, held personally rather than through a corporate vehicle, with sole voting and sole dispositive power over the entire position.
The filing gives 23 July as the date of the event that triggered the disclosure requirement.
At Lucid‘s closing price that day, the stake was worth about $126 million. As of publication time, the stock was trading 2.1% higher at $6.64.
A Second Saudi Investor
Lucid already has a Saudi majority owner.
Saudi Arabia’s Public Investment Fund, through its wholly owned Ayar Third Investment Company, reported beneficial ownership of 280,992,324 shares as of 28 April, or about 56.85% of issued and outstanding common stock.
The latest figure includes shares issuable on conversion of Series A, B and C preferred.
PIF’s voting power is capped at 19.99% of pre-issuance voting power unless shareholders vote to lift it, so economic ownership and voting control diverge sharply.
The most recent addition came on 28 April, when Ayar closed a $550 million purchase of Series C convertible preferred at $10,000 a share, carrying a 9% compounded annual dividend and converting into roughly 50.9 million common shares at $10.8160.
The accompanying amendment lifted undrawn delayed draw term commitments by $500 million, taking total loans and commitments to about $2.5 billion, and removed a minimum liquidity covenant.
The ride-hailing giant Uber holds the other large strategic position, at 37,753,583 Class A shares through subsidiary SMB Holding Corporation, following a $200 million investment in April that took its total commitment to $500 million and expanded its robotaxi order from 20,000 vehicles to at least 35,000.
Institutional holders sit well below those levels, with UBS at roughly 9.1 million shares, Vanguard entities at a combined 11 million or so, and BlackRock near 6.3 million — all as of March 31.
The Percentages Do Not Stack
Alwaleed’s 5.00% is calculated against 390,256,808 Class A shares outstanding as of 29 April, the figure given in Lucid‘s first-quarter report.
PIF’s 56.85% is calculated on a diluted basis that adds unissued conversion shares to both sides of the equation.
Uber‘s 11.5%, as reported in April, was struck against roughly 327.7 million shares, a smaller count that predates the spring capital raise; against the 390 million figure the same holding represents closer to 9.7%.
Adding the three together would overstate combined ownership.
Additionally, any shares issued since 29 April would push the true figure from Alwaleed below 5.00%, and a 13G report only discloses the position as of the trigger date, disclosing nothing about when or how it was built.
Connected to PIF, but Not Through It
Alwaleed is not part of PIF and this is not a sovereign purchase, though the two are linked.
PIF bought 16.87% of Kingdom Holding Company, which Alwaleed founded and chairs, from him personally in 2022 for about $1.5 billion, at the stock’s low for that year and with no premium.
He retained 78.1%, with roughly 5% trading in Riyadh.
The fund that controls Lucid is therefore a minority shareholder in the company chaired by Lucid‘s newest 5% holder.
PIF separately holds around $2.7 billion of Uber, Lucid‘s other strategic backer, placing it on both sides of the robotaxi partnership.
Neither the filing nor any public statement indicates coordination between Alwaleed and PIF, and the document records no group membership.
The Timing
The purchase lands during a severe drawdown in Alwaleed’s largest recent bet.
Kingdom Holding and Alwaleed together hold 0.63% of SpaceX, split between 0.34% at the company and 0.29% held personally, a position built through his 2022 Twitter rollover, two xAI rounds in 2024 and Musk’s merger of xAI into SpaceX in February.
Kingdom’s 42.4 million SpaceX shares were worth $6.8 billion at the $160.95 close on the stock’s first trading day in June. Shares have since fallen by about half, closing Monday near $109.50, below the IPO price.
Bloomberg put Alwaleed’s fortune above $27 billion after the SpaceX debut, a decade high.
SpaceX’s stock has fallen drastically over the last few weeks and reached a new record low earlier on Tuesday at $107.01.
Lucid hares have fallen roughly 60% over the past year, and Lucid reported total liquidity of $5.5 billion, including the PIF term loan facility.
