SpaceX rally lifts Saudi Prince Alwaleed’s stake to $6.8 billion
Why it matters: The holding is now worth roughly half of Kingdom Holding’s market value after SpaceX’s first-day 19% jump.
SpaceX’s first-day stock surge sharply increased the value of Prince Alwaleed Talal’s investment in the company, lifting Kingdom Holding’s stake to about $6.8 billion. Kingdom Holding said it owns 42.4 million SpaceX shares, equal to about 0.34% of the rocket and satellite company. After SpaceX closed up 19% at $160.95 on Friday, shares in the Saudi firm rose as much as 5% on Sunday, giving it a market value of about 56 billion riyals, or $19.1 billion. The Business Times reported the SpaceX holding now accounts for roughly half of Kingdom Holding’s market capitalization. The gain also pushed Alwaleed’s net worth to just above $27 billion, a decade high, according to the Bloomberg Billionaires Index.