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Saudi wealth fund's Lucid windfall will make up for Tesla exit

Saudi wealth fund’s Lucid windfall will make up for Tesla exit
FILE PHOTO: The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo
(REUTERS)
. Updated: 25 Feb 2021, 10:46 PM IST Bloomberg
The kingdom’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc., with the value of its stake set to rise as part of a deal to take the company public
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The second time proved the charm for Saudi Arabia’s foray into electric vehicles.
The kingdom’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc., with the value of its stake set to rise as part of a deal to take the company public. ....

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Lucid Motors partners with Churchill Capital IV to go public in SPAC mega deal

Lucid Motors partners with Churchill Capital IV to go public in SPAC mega deal
At $24 billion, it s the largest such reverse merger to date
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Churchill Capital IV Corp in a $24 billion deal, the largest such reverse merger to date.
Church Capital IV is headed by dealmaker
Michael Klein, who owns three other special acquisition companies. Saudi Arabia’s sovereign wealth fund has a majority stake in Lucid Motors. The company will combine with Churchill Capital IV, which raised $1.8 billion in July.

Lucid comes with an impressive legacy and is run by industry veterans who have experience in launching electric cars. ....

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