Source: Fortune.com
Summary
SpaceX’s successful debut on the stock market has boosted the fortunes of Saudi Arabia’s Prince Alwaleed bin Talal, whose investment firm Kingdom Holding Co. owns 42.4 million shares in SpaceX, valued at $6.8 billion. Kingdom Holding’s shares rose as much as 5% after SpaceX’s stock closed up 19% on its first day of trading. Other investors in Saudi Arabia, including the Public Investment Fund, will also benefit from the listing. The investment is part of the country’s efforts to diversify its economy away from oil and into artificial intelligence.
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SpaceX’s stock surge has created a windfall for Prince Alwaleed bin Talal, one of Saudi Arabia’s richest men. Kingdom Holding Co.’s shares rose 5% after SpaceX’s successful debut. The investment firm owns 42.4 million shares in SpaceX, valued at $6.8 billion. The Saudi billionaire’s net worth has reached a decade-high of $27 billion. Other investors in Saudi Arabia, including the Public Investment Fund, will also benefit from the listing.
The Saudi royal family is doubling down on AI.
Author: Evan Null
