Elon Musk made a $150 million investment last year to acquire more shares in a company referred to as X, at a valuation similar to what he paid for the company's equity in 2022. Musk, who is the largest shareholder of the company, is willing to purchase additional minority stakes at the same valuation, as mentioned in Kingdom Holding Co.'s 2024 annual report. The report does not directly name Musk or X, but a source familiar with the investment confirmed that it is about X.

According to the annual report, the majority shareholder of a privately owned social media services company recently invested at a price equal to the investment's carrying value on Kingdom's balance sheet. Kingdom valued its investment in X at 985 million riyals ($262.7 million) as of December 31, indicating an overall valuation for X of approximately $29.2 billion, near the amount Musk and other investors paid for Twitter's equity in October 2022. Musk owns almost 74% of X as of October 2023, with a net worth of $311.9 billion. Kingdom, led by Prince Alwaleed bin Talal Al Saud, is one of X's largest minority shareholders.

The struggles of X's business under Musk's ownership include advertisers withdrawing or pausing their spending due to concerns about their ads appearing alongside inappropriate content. Fidelity Investments devalued X by 68% in January. Musk has been working to entice advertisers back and filed lawsuits against major brands for allegedly engaging in anticompetitive behavior by withholding advertising spending from the social network. While some advertisers have returned, the fear of legal action has been present in the advertising industry. Musk's influential role in the Trump administration has also influenced certain marketers. Neither Musk nor Kingdom Holding responded immediately to requests for comment.