SpaceX stock rises 19% on first trading day
Kingdom Holding Co. shares increased as much as 5% after the value of its SpaceX stake reached $6.8 billion. The Saudi investment firm holds 42.4 million shares in the rocket company.
SpaceX shares closed at $160.95 on their first day of trading after rising 19%. The company raised $75 billion in the largest listing of all time. Kingdom Holding Co. shares rose as much as 5% on Sunday, reaching a market capitalization of 56 billion riyals. The increase followed the rise in SpaceX shares, which lifted the value of Kingdom Holding's 42.4 million SpaceX shares to $6.8 billion.
Holdings and valuation Kingdom Holding said its SpaceX stake represents 0.34% of the company. Prince Alwaleed bin Talal's personal exposure amounts to about 0.29% of SpaceX. The holdings have increased Prince Alwaleed's net worth to just over $27 billion, according to the Bloomberg Billionaires Index.
Earlier investments Prince Alwaleed first invested alongside Elon Musk in 2022 when Musk acquired Twitter, now known as X. Kingdom Holding also holds a stake in Tesla Inc. Other Gulf investors have maintained positions in space and technology companies for years. Abu Dhabi's IHC invested in SpaceX in 2020.
