Saudi Prince Alwaleed discloses 5% stake in Lucid Motors worth over $150 mln; shares surge 20%

Published Jul 28, 07:09 PM UTC

Shares of electric vehicle maker Lucid Motors skyrocketed 20.5% on Tuesday after Saudi Prince Alwaleed Bin Talal Alsaud disclosed a 5% stake in the company valued at over $150 million. The prince confirmed his ownership of 19.5 million Class A shares in a SEC filing, noting they were acquired when Lucid's market capitalization was below $2 billion. The surge comes after Lucid denied bankruptcy rumors earlier in July, with the company's chief communications officer stating the automaker has sufficient liquidity for the next year. Despite the rally, Lucid's stock remains down 71% over the past 12 months and nearly 28% year-to-date. The company, once seen as a Tesla rival, went public via a SPAC in 2021 and has posted over $1 billion in net losses in the first quarter of this year, alongside layoffs in February and June.