Posted Aug 20, 2018, 5:33 PM
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Join Date: Dec 2016
Location: San Francisco
Posts: 24,177
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Quote:
In a turnabout, Saudis could be investing $1 billion in Tesla rival Lucid Motors
By Luke Stangel – Contributing writer
3 hours ago
Saudi Arabia’s deep-pocketed sovereign wealth fund is in talks to invest more than $1 billion in Newark-based Tesla Inc. rival Lucid Motors, Reuters reports, citing unnamed sources.
The Public Investment Fund of Saudi Arabia (PIF) and Lucid Motors have drawn up a term sheet that details an initial $500 million investment, followed by two additional tranches of funding if Lucid hits specific production milestones . . . .
PIF’s reported interest in Lucid Motors could spell trouble for Tesla CEO Elon Musk, who has publicly pinned his hopes of taking his company private on a multibillion-dollar investment from the Saudis.
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