Lucid spikes 98% on speculation Saudi investment fund may buy out remaining stake in the EV maker
Saudi Arabia's PIF first invested $1.3 billion in Lucid in 2018, and it now owns around 65% of the shares today. The fund also bought 41 million shares of Tesla around that time, but has since sold off the stake in the rival EV maker.
Previously, Lucid's stock price slid 76% from its all-time-high of $55.21 in late 2021, mirroring the decline in other tech and EV stocks due to rising inflation and aggressive rate hikes from the Fed., which is putting pressure on other EV firms to lower prices.
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