Saudi Prince Acquires 5% Stake in Lucid Motors
Prince Alwaleed bin Talal Al Saud, a member of the Saudi royal family, has acquired a 5% stake in electric vehicle manufacturer Lucid Motors by purchasing over 19 million shares. The investment was made when Lucid's market cap fell below $2 billion on July 14, following reports that suggested the company might file for bankruptcy or be taken private by Saudi Arabia’s Public Investment Fund (PIF). Lucid denied these claims and has since seen a stock price rebound. The purchase highlights continued support from Saudi investors in Lucid Motors. The PIF already owns approximately 60% of the company, having invested heavily after its SPAC merger in 2021 that raised $4 billion. Prince Alwaleed is known for his investments in U.S.-based tech companies and previously held a major stake in Twitter before it was acquired by Elon Musk. Lucid Motors has been undergoing restructuring under new CEO Silvio Napoli, including significant layoffs to streamline operations.
