Saudi Prince Acquires 5% Stake in Lucid Motors
Prince Al Waleed 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 purchase was made when Lucid's market cap dipped below $2 billion following reports that it might file for bankruptcy or be taken private by Saudi Arabia’s Public Investment Fund (PIF). Lucid denied the rumors, and its stock has since rebounded. The investment comes amid a restructuring effort led by newly appointed CEO Silvio Napoli. He recently cut 18% of the workforce as part of an ongoing strategy to streamline operations. The PIF already owns about 60% of Lucid Motors after investing in the company through its SPAC merger in 2021, which raised $4 billion. Prince Al Waleed 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. His latest move signals continued Saudi support for Lucid as the company seeks to expand its market presence.
Topics: Electric Vehicles Lucid Motors Public Investment Fund (PIF) Saudi Arabia