Mentioned:
One of the most prominent investors in Saudi Arabia is making a bet on Lucid. But, why?
What’s happening:
- Saudi Prince Alwaleed bin Talal has filed a new Schedule 13G with the United States Securities and Exchange Commission to disclose a 5% ownership stake in Lucid (NASDAQ: LCID)
Why it matters:
- Alwaleed bin Talal is the founder of Kingdom Holding Company which notably has major investments in SpaceX (NASDAQ: SPCX), Citigroup (NYSE: C) and Snap (NYSE: SNAP)
Going deeper:
- Alwaleed bin Talal now owns roughly 19.5M common shares of Lucid
- Lucid previously made waves on Wall Street when they landed a $300M USD strategic investment from Uber (NYSE: UBER) as part of a partnership to deploy thousands of Lucid vehicles as autonomous vehicles globally
Market reaction:
- Shares of Lucid surged by more than 20% following Alwaleed bin Talal disclosing his ownership position
