According to a statement from his representative, the 20-year-old was on his way to his university in Los Angeles on Thursday when he was involved in a collision with another vehicle.
The late popstar's son, who attends Loyola Marymount University, also thanked "everyone for their well wishes" in the statement.
Following the incident, he also posted a photograph to Instagram looking down at his legs while on a stretcher in what appeared to be the back of an ambulance, with the caption "well s***".
Prince, whose real name is Michael Joseph Jackson Jr, later posted a video message to his 354,000 followers on the social network.
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