Shares of Lucid Motors rose on Friday after rumors of being acquired by a Saudi Arabia fund.
Lucid Motors (LCID) – Get Free Report saw its shares rise by as much as 97% on rumors that the electric vehicle company could sell an additonal stake to Saudi Arabia’s Public Investment Fund.
The fund currently owns a 62% stake in the auto company that sells higher end EVs.
Last November Lucid said it conducted a $600 million at-the-market program that included a $915 million investment by Ayar Third Investment Companyfor a stake in the company.
