Prince Alwaleed bin Talal Al Saud, a member of the Saudi royal family, has bought a 5% stake in Lucid Motors, deepening Saudi Arabia's already substantial ownership of the electric vehicle maker. The purchase, disclosed in a US Securities and Exchange Commission filing published on Tuesday, comes shortly after speculation that Lucid could face bankruptcy or a take-private deal, and is being read as a vote of confidence in the struggling company as it undergoes major restructuring under new chief executive Silvio Napoli.

The prince, through his investment office, bought just over 19 million shares when Lucid's market capitalisation had fallen below $2 billion, following an EV blog report on 14 July suggesting bankruptcy or a buyout by Saudi Arabia's Public Investment Fund (PIF) — claims Lucid firmly denied, after which its share price recovered. The PIF, which has held roughly 60% of Lucid since its 2021 stock market debut via a SPAC merger, has long propped up the firm with share purchases and loans. Napoli, who took over this year, cut 18% of Lucid's workforce in June as part of a wider simplification drive, following an earlier round of layoffs. Alwaleed, dubbed the "Arabian Warren Buffett", has previously held major stakes in Twitter/X, Snap and Deezer.