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Saudi Prince Alwaleed takes 5% stake in EV maker Lucid
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Emirates 24/7 News
BusinessThe disclosure sent its shares up more than 20%.
Lucid's shares have lost about 97% of their value since the company went public, as it has struggled to turn a profit nearly five years after its market debut.
Picture credit: ReutersSaudi billionaire Prince Alwaleed bin Talal has taken a 5% stake in Lucid, according to a regulatory filing on Tuesday.
The disclosure, which comes weeks after the electric-vehicle maker pushed back against speculation about a potential take-private deal or a Chapter 11 bankruptcy filing, sent its shares up more than 20%.
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