Lucid stock has seen a massive 48 per cent rise and counting as a report is circling that the Saudi Arabia Public Investment Fund is preparing a takeover.
StreetInsider issued a watch on the stock, and trading was halted for a short term due to volatility in the market.
It is unclear if the report is accurate from Betaville, and the Public Investment Fund has not confirmed their intentions.
Per the report, the fund may be working with JPMorgan on a possible plan to buy the remainder of the company.
There have been rumours about further involvement by the Saudis with Lucid for some time.
Morgan Stanley’s Adam Jonas predicted in October that:
It is our working assumption that the relationship between the Kingdom of Saudi Arabia and Lucid could extend beyond a controlling shareholder status.
The Saudi fund owns around 62 per cent of the company after a deal in late December 2022.
The December deal saw a cash injection of $1.5 billion for Lucid that helped sure up production.
It came on the heels of a May announcement of a Lucid plant in Saudi Arabia’s King Abdullah Economic City, which should complete construction in 2025.
We will continue to update the story as news breaks.