Saudi Prince Buys $130M Lucid Stake After 57% Crash

United States – Saudi Prince Alwaleed bin Talal Al Saud has acquired a 5 percent stake in electric vehicle maker Lucid Group worth about $129.5 million, according to a regulatory filing released on Tuesday. The investment, executed through the purchase of 19.5 million shares, came after a sharp downturn in the California-based company’s stock, which suffered a 57 percent single-session collapse earlier in the month. That plunge followed Lucid’s confirmation that it had hired restructuring advisers from AlixPartners to help address financial pressures, even as the company’s leadership formally rejected rumors that it was on the verge of bankruptcy. United States – Following disclosure of Prince Alwaleed’s investment, Lucid shares rose 22 percent in New York trading, lifting the company’s market value back above $3 billion. Despite the rebound, the stock remains down roughly 72 percent over the past 12 months. Lucid chief executive Silvio Napoli has introduced aggressive cost-cutting measures, including workforce reductions, as the luxury electric vehicle maker prepares to launch its mid-size vehicle platform. Saudi Arabia’s Public Investment Fund remains Lucid’s largest shareholder with a 45.4 percent stake and has invested more than $9 billion in the company to date.