Saudi Arabia owns a majority stake in Tesla rival Lucid Motors are anti-Tesla people also global warming deniers. seems like you would have to care more about profits than earth to short the company spurring the electric car revolution. People that short Tesla are helping companies maintain their status and assure Saudi Arabia more money for years to come.
According to an email from the company’s lawyers that was included in a lawsuit. Lucid Motors gave up ownership to Saudi Arabia’s sovereign wealth support in exchange for the $1.3 billion investment it closed last year.big oil and others can lose a billion dollars on the stock as part of keeping electric vehicles but as long as they can.
Tesla shares rise on report Saudi Arabia sovereign wealth fund has $2 billion dollars stake.Saudi Arabia sovereign wealth funds has acquired a significant position in Tesla shares, according to the financial times.
By investing the quickly consuming electric vehicle market, is increase publicity to long term growth opportunities, supporting creative and technological development and driving revenue and Sectoral diversification for the kingdom of Saudi Arabia
The case was submitted by Lucid Motors’ who is the former head of finance, Doug Coates, believes he’s entitled to certain separation benefits based on the language of the deal he signed with the company.
The Middle East area was reported that the PIF took a 67 percent stake shares, but the email which is included in the case is the first time an acknowledgement from the company has been made public. That said, it remains unclear exactly what kind of voting rights the various shareholders of the company have.
Lucid Motors was previously ran into the trouble of less funding after that they took a loan from an organization named as Arizona hedge fund and an electric bus company of Chinese to survive in these conditions, as The Verge previously reported. They started to discuss with Saudi Arabia in the year of 2018, and when they are finally closed in 2019.
Nowadays the startup is making a $700 million factory in the area of Arizona, where they plan to create Lucid Air into production before the end of this year. The final production of the sedan will be displayed on September 9th.