The disclosure sent its shares up more than 20%.
Lucid’s shares have lost about 97% of their value since the company went public, as it has struggled to turn a profit nearly five years after its market debut. Picture credit: Reuters
Saudi billionaire Prince Alwaleed bin Talal has taken a 5% stake in Lucid, according to a regulatory filing on Tuesday.
The disclosure, which comes weeks after the electric-vehicle maker pushed back against speculation about a potential take-private deal or a Chapter 11 bankruptcy filing, sent its shares up more than 20%.
Here are some details:
Alwaleed owns about 19.5 million shares, amounting to a $126.83 million stake in the company, based on its last closing price of $6.50.Lucid’s shares have lost about 97% of their value since the company went public, as it has struggled to turn a profit nearly five years after its market debut.The EV maker has been undergoing broad restructuring under CEO Silvio Napoli, who took over in June, and named Alexander De Bock as its new finance chief earlier this month.Last month, Lucid said it would lay off about 18% of its U.S. workforce, eliminate its chief operating officer role and streamline its leadership structure to reduce costs and improve execution.
