Lucid Group, the electric vehicle manufacturer, has seen its stock price skyrocket by a staggering 29% after a surprise announcement. At the heart of this sudden surge is Saudi Arabia's sovereign wealth fund, which has taken a significant stake in the company. The fund, led by Crown Prince Mohammed bin Salman, has reportedly purchased a substantial amount of Lucid's stock, sparking a buying frenzy among investors. This move is being seen as a vote of confidence in the company's electric vehicle ambitions, particularly in the context of Saudi Arabia's own plans to diversify its economy and reduce its reliance on oil.
Lucid Stock Pops 29%. Thank a Saudi Prince. Barron's
