Elon Musk has reportedly invested US$150 million to increase his ownership in the social media platform X, formerly known as Twitter. The purchase involves acquiring minority shareholder stakes at the same valuation Musk used during the platform's privatization in October 2022.
According to Kingdom Holding's 2024 annual report, the Saudi investment firm completed a transaction last year involving shares of an unlisted social media company. The main shareholder acquired a portion of the company's shares for US$150 million, a price equal to the book value of the shares.
Sources cited by media reports suggest the transaction involved shares of X, with Musk as the buyer. At the time, Musk had expressed willingness to purchase more shares at the same valuation.
The report further reveals that as of December 2024, Kingdom Holding valued its stake in X at 985 million Saudi riyals (approximately US$262.7 million), implying a total valuation of US$29.2 billion for the platform.
Kingdom Holding first invested in Twitter in 2011 and opted to exchange its shares for stakes in X when Musk completed the company's privatization. This decision made the Saudi firm one of X's shareholders.
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