Skip to content
Subscriber Only

From ‘Butter’ Deal to Lucid: Inside Citi’s 15-Year-Old SPAC Desk

  • Lucid merger cements Citi’s rank as the top de-SPAC adviser
  • Group Michael Klein helped create now works with him on deals
Video player cover image
Lucid CEO Says Production of Debut Car Is Delayed

As Michael Klein negotiated one of the biggest deals ever by a blank-check company, familiar faces sat across the table.

Many of the same bankers Klein worked with during his two-decade stint at Citigroup Inc. were involved in talks this week between electric-vehicle startup Lucid Motors Inc., which the bank advised, and Klein’s blank-check company, Churchill Capital Corp. IV. Lucid agreed to go public by merging with Klein’s firm in a deal valuing the company at $24 billion.