Prince Al Waleed bin Talal Al Saud, a member of the Saudi royal family, bought a 5% stake in Lucid Motors, increasing the Kingdom’s overall ownership of the electric vehicle company.

A new filing with the U.S. Securities and Exchange Commission released Tuesday shows the billionaire prince recently purchased just over 19 million shares. In a post on X, he wrote that his investment office made the purchase when Lucid’s market capitalization was below $2 billion.

That happened on July 14, when an electric vehicle blog published a report claiming that Lucid was considering filing for bankruptcy protection or being privatized by Saudi Arabia’s sovereign wealth fund. Lucid strongly denied the reports and the company’s stock price has since recovered.

“We don’t comment on individual investments, but we are aware of and appreciate the independent vote of confidence,” Lucid Motors communications director Nick Twork said in a statement to TechCrunch.

The share purchase comes amid a major restructuring effort initiated by Lucid’s newly appointed CEO Silvio Napoli, who cut 18% of the workforce in June in an effort to “streamline the company.” This followed a similar sacking earlier this year before Napoli took over.

Lucid Motors has been majority owned by the wealth fund, known as the Public Investment Fund, or PIF, since its initial investment in 2018. That investment came after Saudi Arabia considered, but ultimately abandoned, plans to take Tesla private. PIF has owned about 60% of Lucid Motors since the electric vehicle maker merged with a special purpose acquisition company in 2021, a transaction that took it to the public markets and raised $4 billion.

The Saudis have remained a major source of financial support for Lucid Motors since it went public, buying shares and lending billions of dollars as the company struggles to reach a mass market of electric vehicle buyers in the United States and abroad.

Prince Al Waleed bin Talal has a history of investing in American technology. Through his holding company, he was a major shareholder in Twitter when it was still public. In 2022, he initially opposed Elon Musk’s attempt to buy the social media company. But he quickly changed course and befriended Musk and became Twitter’s second-largest shareholder after Musk took it private. (It is unclear whether he has retained that stake through the company’s evolution into X and its subsequent merger with xAI, and now SpaceX.)

He also owns stakes in Snap and Deezer and, according to his website, is often referred to as the “Arab Warren Buffett.”