Why Lucid Group Stock Keeps Going Up
One day after luxury electric vehicle start-up Lucid Group (NASDAQ: LCID) popped by 1.5% on news of a partnership with Aston Martin, Lucid shares are moving higher again on Tuesday -- up another 3.4% through 11:30 a.m.
You can thank Saudi Arabia for that.
In a Schedule 13D filing with the SEC, which came out last night but was reported by The Fly only this morning, Lucid revealed that the Saudi Arabian public investment fund known as Ayar Third Investment Company bought 265,693,703 shares of Lucid stock in a private placement. The total purchase price of approximately $1.8 billion works out to an average price of $6.77 per share -- or about $1 a share over what Lucid stock costs today.
Source Fool.com
