On 16 October 2024, pure electric vehicle (EV) manufacturer Lucid Motors announced it would publicly offer more than 262 million shares of common stock to help raise capital. Concurrently, Ayar Third Investment Company, an affiliate of Lucid’s biggest shareholder, the Saudi Arabia’s Public Investment Fund (PIF), announced it would likely purchase an additional 374 million shares. This will enable the PIF to maintain its 58.8% ownership status.
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