Saudi Arabia owns 57% of Lucid
Saudi Arabia's Public Investment Fund (PIF) now owns 57% of Lucid after providing an additional $550 million investment in February 2026.
Snapshot · PBD Podcast
House Passes Housing Bill, Daily Wire $2B IPO, Knicks Trash Can Lady Fired | PBD Podcast #823
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Jun 24, 2026
Where this was said
Lucid Motors: Wrong Car, Wrong Time, Saudi Lifeline
At 1:41:30 · chapter starts 1:36:15
Patrick Bet-David presents Barron's reporting on Lucid's second major layoff of 2026: 18% of its global workforce of 9,000 employees, for estimated annual savings of $158 million. [1] — Humberto "Lucid has cut 18% of its workforce and seen its stock fall over 50% in 2026, far worse than Tesla or Rivian. Saudi Arabia's PIF now owns 57…" 1:36:10 The stock has declined more than 50% since January, dramatically underperforming Tesla (down 9%) and Rivian (down 20%). Humberto explains the core product-market fit failure: Lucid bet on a $100K S-Class competitor while the market wanted a $60K family SUV. He notes the company once had its market cap valued above Ford during the EV bubble despite producing only 20,000 cars annually against a target of 60,000. Tom Ellsworth adds structural context: EV subsidies are expiring, Trump-era policies are rolling back state EV mandates, and the California grid cannot physically support universal EV adoption — 'you can't print electricity.' Saudi Arabia's PIF, which now owns 57% of Lucid after a $550M February 2026 investment, is steering the company toward electric robo-taxis it can deploy globally. Jeff Snyder notes that all the major legacy carmakers made multi-billion-dollar EV bets they are now writing off, suggesting Lucid may simply be too early — or the addressable market outside cheap Chinese EVs simply doesn't exist.
Lucid workforce cut: 18%
Lucid announced it would cut 18% of its workforce — covering employees and contractors — for estimated annual savings of $158 million.
Lucid stock down 50%+ in 2026
Lucid's stock has fallen more than 50% in 2026 while rivals Rivian and Tesla are down just 20% and 9% respectively.
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