Rumor: Saudi PIF is buying all of Lucid and taking them private

[Shuasha]

I'm not a fan of this as a car owner and share holder, unless they're buying it for $420/share like Elon thought they were doing for Tesla a few years ago.

 

[RichMalden]

I'm not a fan of this as a car owner and share holder, unless they're buying it for $420/share like Elon thought they were doing for Tesla a few years ago.

I always wondered about this if there's some sort of safeguards as they could put a buyout to a shareholder vote and obviously, because they own 60 some odd % it would pass and they would not have to pay a big premium to entice the other shareholders.

 

[thecodingart]

Where’s this rumor stemming from source wise?

 

[Bobby]

EV maker Lucid surges on report Saudi PIF to buy remaining stake

Lucid Group's shares pared gains after doubling on Friday on market speculation that Saudi Arabia's Public Investment Fund is working on plans to buy out the rest of the electric vehicle maker. The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses...

finance.yahoo.com

 

[HC_79]

Where’s this rumor stemming from source wise?

"The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses the term "uncooked" to refer to market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq, with shares up over 37%."

This is how ridiculous the market has become in this day an age. Some clown throws out a rumor and stock soars or tanks based on rumor and speculation. Gone are the days where companies are based on performance etc. something that is actually tangible to warrant an increase or decline.

 

[Steveinarizona]

"The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses the term "uncooked" to refer to market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq, with shares up over 37%."

This is how ridiculous the market has become in this day an age. Some clown throws out a rumor and stock soars or tanks based on rumor and speculation. Gone are the days where companies are based on performance etc. something that is actually tangible to warrant an increase or decline.

Yeah. All we need now is a meme.

 

[thecodingart]

"The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses the term "uncooked" to refer to market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq, with shares up over 37%."

This is how ridiculous the market has become in this day an age. Some clown throws out a rumor and stock soars or tanks based on rumor and speculation. Gone are the days where companies are based on performance etc. something that is actually tangible to warrant an increase or decline.

To be honest, it doesn't seem like it would be an unrealistic thing to happen to a publicly traded company. Ignoring the cultural and image issue associated with Saudi, I'm really wondering if this were to happen.. if it would be a really good or really bad thing.

But yeah, the sources seem to not be very valid sources to speculate off of.

 

[Pwmac]

I always wondered about this if there's some sort of safeguards as they could put a buyout to a shareholder vote and obviously, because they own 60 some odd % it would pass and they would not have to pay a big premium to entice the other shareholders.

I always had that as a risk in the back of mind too. I think it's shady as f#ck that they ever took it public in the first place if this ends up being the case but can't blame them with it being at a discount.

 

[Bobby]

I always had that as a risk in the back of mind too. I think it's shady as f#ck that they ever took it public in the first place if this ends up being the case but can't blame them with it being at a discount.

They own quite a few shares in American companies. Read the wiki, it’s full of good info.

 

[thecodingart]

They own quite a few shares in American companies. Read the wiki, it’s full of good info.

For reference:https://en.wikipedia.org/wiki/Public_Investment_Fund

Basically, they have money in thing everyone has used.

 

[NoseyReporter]

"The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses the term "uncooked" to refer to market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq, with shares up over 37%."

This is how ridiculous the market has become in this day an age. Some clown throws out a rumor and stock soars or tanks based on rumor and speculation. Gone are the days where companies are based on performance etc. something that is actually tangible to warrant an increase or decline.

I thought the market was always about speculation and almost never about book value.

 

[LCIDdreams]

"The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses the term "uncooked" to refer to market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq, with shares up over 37%."

This is how ridiculous the market has become in this day an age. Some clown throws out a rumor and stock soars or tanks based on rumor and speculation. Gone are the days where companies are based on performance etc. something that is actually tangible to warrant an increase or decline.

Scary how easy it is for someone to put out a “rumor” like this with stock at $9.40 then sell all their shares at $17.80 1hr later.

 

[HC_79]

I thought the market was always about speculation and almost never about book value.

To an extent but I think it's progressively getting worse when it comes to this type of stuff with people just throwing out rumors and speculation with nothing to really back it up. We seem to be in a place where 1 person says something, let's run with it vs. if 10 people are saying it then it potentially has some merit. All about being "we were the first to break the news" even if it was wrong because no due diligence was done.

 

[Sam6062]

Hopefully some of you made bank having bought the bottom at 6.

 

[redditrabbit]

A buyout seems a bad idea now that the stock have jumped so much .. plus it would hurt the reputation of Lucid and PIF .. it doesn’t make any sense

 

[Drendino]

This explains all of the secrecy on literally everything Lucid, from OTAs, to bugs, to launch schedules. While I will be disappointed that my American made car is now Saudi owned, I will hold out hope that going private will take some of the communication chains off. Seems like now they won’t say anything out of fears of tanking their already tanked stock price.

Honestly, it’s hard to be happy about any of this, but maybe now Lucid will be able to answer straight questions with straight answers. When are we getting CarPlay BTW? I’m so tired of Lucid’s shit communication. Love my car though.

 

[NoseyReporter]

To an extent but I think it's progressively getting worse when it comes to this type of stuff with people just throwing out rumors and speculation with nothing to really back it up. We seem to be in a place where 1 person says something, let's run with it vs. if 10 people are saying it then it potentially has some merit. All about being "we were the first to break the news" even if it was wrong because no due diligence was done.

Oh I totally agree it has spiraled out of control, but speculation has always been the name of the game. Its the same ole shit, just with a different veil.

As for the buyout itself, the PIF holds a controlling share of the company and therefore the votes. I assume that's more than enough to just vote in favor of a buyout, so long as the price is truly equitable and not something absurd like 1 cent per share.

 

[HC_79]

This explains all of the secrecy on literally everything Lucid, from OTAs, to bugs, to launch schedules. While I will be disappointed that my American made car is now Saudi owned, I will hold out hope that going private will take some of the communication chains off. Seems like now they won’t say anything out of fears of tanking their already tanked stock price.

Honestly, it’s hard to be happy about any of this, but maybe now Lucid will be able to answer straight questions with straight answers. When are we getting CarPlay BTW? I’m so tired of Lucid’s shit communication. Love my car though.

My concern is with the secrecy. Lucid has done a very good job at keeping things quiet until they want them out but with the PIF owning 60%+ what do they know that's coming down the pipeline that others don't? For example, the Apple Car rumor I think it's just a rumor but IF on the slightest chance the rumor is true then would the PIF know about it? If Lucid needs to plead a case to the PIF every time it needs money then "upcoming deals" would surely have been discussed.

I'm sure they knew about the Gravity delay, they probably know about the more cost effective model in 2025 so if they have the inside scoop they can come in low, take it private and make a shit tonne of money off it and current investors all miss out because they don't know what's going on behind closed doors. Maybe i'm wrong but when you've missed targets dramatically and then secure another $1.5 billion I don't think that check gets handed over with no questions asked.

 

[Unmutual]

even the Saudis can't trade on inside information ....

If people think LCID is secretive now, it'll be 1000x worse if it's taken private.

 

[NoseyReporter]

My concern is with the secrecy. Lucid has done a very good job at keeping things quiet until they want them out but with the PIF owning 60%+ what do they know that's coming down the pipeline that others don't? For example, the Apple Car rumor I think it's just a rumor but IF on the slightest chance the rumor is true then would the PIF know about it? If Lucid needs to plead a case to the PIF every time it needs money then "upcoming deals" would surely have been discussed.

I'm sure they knew about the Gravity delay, they probably know about the more cost effective model in 2025 so if they have the inside scoop they can come in low, take it private and make a shit tonne of money off it and current investors all miss out because they don't know what's going on behind closed doors. Maybe i'm wrong but when you've missed targets dramatically and then secure another $1.5 billion I don't think that check gets handed over with no questions asked.

Heres to a nice premium, say $39 a share? Or a round $40.