Musk Invested $1.5 Billion Last Year to Increase Stake in Social Platform X

BlockBeats News, March 19, Saudi Arabian investment company Kingdom Holding released its 2024 annual report, disclosing a major private social media shareholder who recently invested at a price equal to the investment's carrying amount on Kingdom's balance sheet, and indicating that the shareholder is willing to purchase more minority stakes in the social media platform at the same valuation.

The report cited sources saying that the referred social media platform is X, with Elon Musk as the major shareholder. The report stated that Musk used $150 million last year to increase his stake in X at a price close to what he paid for the acquisition in 2022. According to the ownership chart submitted to the Nebraska regulator in October 2023, Musk owns nearly 74% of X. (Golden Finance)