Lucid Gets Labeled 'Saudi-Owned' By Twitter Users After Putting Out A Fourth of July Post
Portfolio Pulse from Anan Ashraf
Lucid Motors (NASDAQ:LCID) faced criticism on Twitter after claiming to be an American company in a Fourth of July post, with users pointing out that the majority of the company is owned by Saudi Arabia's Public Investment Fund (PIF). The PIF recently increased its stake in Lucid to over 60% through a private placement, acquiring 265.7 million shares at a premium price of $6.83 per share, generating approximately $1.82 billion in gross proceeds.
July 05, 2023 | 2:35 am
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Lucid Motors faced criticism for claiming to be an American company, despite majority ownership by Saudi Arabia's PIF. This could potentially impact the company's reputation and stock price.
The news about Lucid Motors' majority ownership by Saudi Arabia's PIF could potentially impact the company's reputation among American investors and consumers, which could in turn affect the company's stock price. The recent increase in PIF's stake in the company further emphasizes this point.
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