• Lucid Motors is set to go public with a $24 billion valuation. It probably couldn't have happened without billions in Saudi money

    10 days ago - By Business Insider

    Summary List Placement Somewhere out there, there's a graveyard of Tesla rivals - metal skeletons of electric cars that tried and failed to challenge Elon Musk.
    Lucid Motors probably would've been one of them, had it not been for Saudi Arabia.
    After struggling for years, Lucid Motors was saved by a $1.3 billion investment from Saudi Arabia's sovereign wealth fund in 2019. The huge sum gave the Saudi fund a 67% stake in the company, according to Wired Middle East.
    Flash forward to today and Lucid Motors is set to go public with the largest-ever SPAC deal, pocketing $4.4 billion at a...
    Read more ...