Elon Musk is reportedly investing $150 million to increase his stake in the social media platform X.

On March 19, Jin10 Data reported that Kingdom Holding, an investment company in Saudi Arabia, released its 2024 annual report, disclosing that a private social media major shareholder recently made an investment at a transaction price equal to the book value of the investment on Kingdom’s balance sheet, and indicated that this shareholder is willing to purchase more minority stakes in the social media at the same valuation. Reports cited sources stating that the social media referred to in the report is X, with the major shareholder being Musk. The report stated that Musk used $150 million last year to increase his stake in X at a price close to what he paid during the acquisition in 2022. According to ownership charts submitted to Nebraska regulators in October 2023, Musk owns nearly 74% of X.