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Lucid Group (NASDAQ:LCID) stock shot up over 40% on Friday after a report that the Saudi sovereign wealth fund may be taking a stake.
The Saudi Public Investment Fund is formulating a plan to purchase remaining shares of the automaker, per a Betaville “uncooked” alert. The fund already controls a 62% stake in the company.
To be sure, the alert’s “uncooked” status refers to its less certain nature. Lucid declined comment on the speculation. Shares of the California-based EV company roared 43% higher on the alert nonetheless. The jump was the biggest one-day gain for the stock on record.
Read more on Morgan Stanley’s opinion on the possibility for deeper Saudi buy-in.
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