Saudi Wealth Fund’s Lucid Windfall Will Make Up for Tesla Exit

PIF first invested $1 billion in electric automaker in 2018
Saudi fund sold out of Tesla before its momentous rally

Saudi Arabia’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc. — Saudi Arabia’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc.
Photographer: David Paul Morris/Bloomberg

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By Matthew Martin

February 25, 2021 at 10:43 AM UTC

Updated on

February 25, 2021 at 5:00 PM UTC

This article is for subscribers only.

The second time proved the charm for Saudi Arabia’s foray into electric vehicles.

The kingdom’s main sovereign wealth fund is sitting on paper gains of over 30-fold from its investment in Lucid Motors Inc., with the value of its stake set to rise as part of a deal to take the company public.