Why Lucid Stock Coasted Downhill Today
Stocks are being led lower by technology names today as the Nasdaq Composite index steadily dropped throughout the session. By 3:05 p.m. ET, the decline for the tech-heavy Nasdaq was approaching 1%.
But shares of electric-vehicle (EV) maker Lucid Group (NASDAQ: LCID) slid much faster. By that same time, Lucid stock was down 7.3% after reports of upcoming layoffs at the EV start-up.
That plunge was initiated by a report that Lucid is going to lay off about 1,300 employees. Lucid produced 7,180 luxury electric sedans last year and had about 7,200 employees as of Dec. 31, 2023.
Source Fool.com
