On Monday in Riyadh, at the Saudi-U.S. Investment Forum, Elon Musk announced during a fireside chat with the Kingdom’s minister of communications and information technology that Starlink, the satellite internet arm of his rocket company SpaceX, had clinched a deal with Saudi Arabia to offer service to the country’s maritime and aviation companies.
It was the second Musk venture to do a deal with the Saudis in as many weeks. On April 29, X Corp., Musk’s social media company, raised $1.23 billion in fresh debt to refinance part of its existing $12 billion debt load from Musk’s leveraged buyout three years ago. One of the firms helping to refinance X’s debt was Kingdom Holding Company, the investment firm chaired by Saudi billionaire Prince Alwaleed Bin Talal Alsaud, according to PitchBook. It is not clear how much of the $1.23 billion was financed by Kingdom Holding. A spokesperson for Kingdom Holding declined to comment. X Corp. did not respond to a request for comment. The Saudi company’s involvement in the refinancing deal has not previously been reported on.
Read the full story on Forbes: https://www.forbes.com/sites/johnhyatt/2025/05/14/musks-saudi-trip-caps-gulf-dealmaking-spree/
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