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 ofThe fund has not publicly confirmed if it will buy the remaining shares of Lucid.
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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Would be a good move for the Saudi’s.