Prince Alwaleed Invests in Lucid, Sending Stock Up Over 21%
Lucid Group's stock surged more than 21% on July 28 after Prince Alwaleed bin Talal al Saud, a prominent Saudi investor known as the 'Arabian Warren Buffett,' disclosed ownership of nearly 19.5 million shares in the electric vehicle maker. The stake is valued at over $154 million with Lucid's stock trading near $7.90 per share. The investment comes amid significant challenges for Lucid, including a more than 70% drop in its stock price year-to-date and an operating loss of $989 million in the first quarter. Additionally, federal tax credits for EV purchases expired on September 30, adding to headwinds.
Tickers: $LCID
Topics: electric vehicles investment confidence Lucid Group Prince Alwaleed bin Talal