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Lucid Group doubles on Saudi rumors

by WorldFinance
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Lucid Group doubles on Saudi rumors
© Reuters Lucid Group (LCID) doubles on Saudi rumors

By Investing.com Staff

Shares of electric vehicle maker Lucid Group Inc (NASDAQ:) nearly doubled intra-day Friday on rumors reported at Betaville that Saudi Arabia’s Public Investment Fund is working on plans to buy the remaining stake that it doesn’t own.

The stock has since retraced some gains but remains up 63% at last check after being halted numerous times today on trading volatility.

The Saudi fund owned 65.5% of Lucid’s shares outstanding as of the end of 2022.

Ironically, the news comes during the same week that Tesla (NASDAQ:) CEO Elon Musk was defending his 2018 “funding secured” tweet. In August 2018, Musk said he was considering taking the company private at $420 per share with the help of Saudi Arabia’s Public Investment Fund. The deal never materialized, and now shareholders are suing over the matter even though shares have powered through those levels.

After a dismal 2022, the EV space is seeing interest again this year, led by Tesla.

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