Kingdom Holding Company Stock: Musk Invests $150M in X Platform

Kingdom Holding Company's 2024 annual report revealed significant developments regarding its investment in the social media platform X (formerly Twitter). According to the report, majority stakeholder Elon Musk invested an additional $150 million last year to acquire more shares at a valuation consistent with his 2022 purchase price. Kingdom Holding, which has held a stake in the platform since 2011, currently values its X investment at approximately 985 million riyals ($262.7 million), suggesting a total valuation of about $29.2 billion for X. This valuation closely matches what Musk and other investors paid for Twitter's equity in October 2022. Additionally, the company carries $13 billion in liabilities. While Kingdom Holding didn't explicitly name Musk or X in its report, a source familiar with the investment confirmed the information pertains to X.

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The report indicates Musk has expressed interest in purchasing additional minority stakes at the same valuation. This development could strengthen Kingdom Holding Company's market position, as it maintains its stake in the social media platform as part of its diversified investment portfolio. The Saudi investment firm has witnessed significant transformations since Musk's takeover, including the rebranding from Twitter to X and business model realignment. Musk's current investment and interest in acquiring further shares potentially signals confidence in the platform's long-term value under his leadership, potentially offering positive prospects for existing shareholders like Kingdom Holding.