Saudi Sovereign Wealth Fund (P.I.F.) bought 85,712,679 shares of Lucid Motors for $914.99m-Dec 22
Brings it's total to 1,100,965,202 shares and is it's largest shareholder
MBS-Chairman of the Council of Economic and Development Affairs, Chairman of the Public Investment Fund
With a pivotal role in realizing Vision 2030, Saudi Arabia’s economic transformation program, PIF’s ambitious strategy is propelling the national economy with the impact felt well beyond Saudi borders. PIF is the engine driving the transformation of Saudi Arabia’s economy. Passionate about leading local economic development, localizing cutting-edge technology and knowledge, PIF is expanding its portfolio of international assets, investing in global sectors and markets by building strategic partnerships, and launching initiatives to contribute to the goals of Vision 2030.
https://www.pif.gov.sa/en/pages/aboutpif.aspx
Lucid Group, Inc. specializes in the design, manufacture and marketing of luxury electric vehicles under the Lucid brand. The group also develops a manufacturing activity of propulsion systems and batteries for electric vehicles. The products are marketed through direct sales, through a network of stores and via Internet. At the end of 2021, Lucid Group, Inc. had 2 production sites in the United States. Number of employees : 3 900 people.
https://finviz.com/insidertrading.ashx?oc=1767640&tc=7&b=2
Lucid Stock Fell to New Low Despite $1 Billion Saudi Investment
Lucid Group LCID 5.02% stock continued to slide this week, despite a recent additional investment in the embattled electric-vehicle maker by Public Investment Fund, Saudi Arabia’s sovereign-wealth fund, of nearly $1 billion. Lucid stock (ticker: LCID) set an intraday low of $6.18 on Tuesday. It’s the lowest shares have traded at since Lucid went public through a merger with a special-purpose acquisition company in July 2021. The stock slide comes as Lucid prepares to launch sales in Europe. Last week, Lucid said it was selling about $1.5 billion of stock, including the private placement of shares to Public Investment Fund, which is the company’s majority shareholder.
https://www.barrons.com/articles/lucid-stock-low-saudi-investment-51672238490
from January 2022
Lucid Motors plans to build EV factory in Saudi, says chairman
https://www.aljazeera.com/economy/2022/1/12/bb-lucid-motors-plans-to-build-ev-factory-in-saudi-says-chairman