Saudi Prince Alwaleed discloses 5% stake in Lucid Motors

Prince Alwaleed bin Talal filed a Schedule 13G with the SEC on July 28 disclosing ownership of 19,513,000 Class A shares of Lucid Group, exactly 5% of shares outstanding, a stake worth roughly $150 million. The passive filing states the shares carry no intent to influence company control and follows a recent slump in Lucid's stock price. Lucid shares jumped about 20% on the news, adding to a month in which the stock has outperformed Tesla and Rivian.