Shares of Lucid Group (NASDAQ: LCID) are soaring today, rising as high as 97% following rumors that the luxury EV maker could be taken private by Saudi Arabia's public wealth fund. As of 2:38 p.m. ET, the stock had settled to a 37% gain.

Lucid's stock has fallen on hard times lately. The shares lost more than 80% of their value in 2022 on concerns about a slowing auto market and the company's need for cash as it ramps up production.

It seems at least one longtime believer hasn't given up, though. Shares of Lucid jumped higher due to a story from market blog Betaville that said, according to unnamed contacts, that Saudi Arabia's Public Investment Fund (PIF) is preparing a bid to take Lucid private.

Continue reading

Source Fool.com