Lucid Group Shares Rise Over 21% After Saudi Prince Acquires Stake
Shares of Lucid Group (NASDAQ:LCID) surged by over 21% on Tuesday after Saudi Prince Alwaleed Bin Talal Bin Abdulaziz acquired a 5 percent stake in the company, amounting to $154 million. The investment is seen as a sign of confidence and has eased concerns about Lucid's financial stability. The move comes amid recent rumors suggesting that Lucid was considering bankruptcy or a takeover, which CEO Silvio Napoli denied on LinkedIn. He emphasized that neither scenario is under consideration by the company’s board. Investors will get more clarity when Lucid reports its Q2 earnings next week. Institutional interest in Lucid has waned slightly; hedge fund participation dropped to 23 funds from 27 a quarter earlier, with total holdings falling to $59.9 million.
Tickers: $LCID
Topics: financial health Lucid Group NASDAQ:LCID Saudi Prince investment