Trading update: 11/12 February 2023 $lcid

Lucid Group, a NASDAQ-listed electric vehicle (EV) maker, experienced a 43% surge in its stock price on January 27th, 2023 due to rumors of a potential buyout by the majority shareholder, Saudi Arabia's Public Investment Fund (PIF). The fund has a diverse objective, including investing in ways that help diversify Saudi Arabia's economy, which could make Lucid, a potential EV hub in the Middle East, a "strategic asset." However, the author suggests that a buyout may not happen as PIF could increase its stake through future capital raises, which would be a cheaper option for the fund. The author advises to "sell the rumor" and not count on an offer happening, as Lucid could continue to struggle and conduct additional capital raises, resulting in dilution and placing more pressure on shares.

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