Kingdom Holding Reveals Investment in Social Media Platform X

According to PANews, Kingdom Holding, a Saudi Arabian investment company, has released its 2024 annual report, highlighting a recent investment in a private social media platform. The investment was made at a price equal to the asset's book value on Kingdom's balance sheet. The report indicates that the major shareholder of this social media platform is Elon Musk, who is willing to purchase additional minority shares at the same valuation. Last year, Musk invested $150 million to increase his stake in the platform, X, at a price similar to what he paid during his acquisition in 2022. As of October 2023, documents submitted to Nebraska state regulators show that Musk holds approximately 74% of X's shares.