Summary by Futu AI
On March 29, 2024, Lucid Group, Inc. filed an amendment to its Schedule 13D with the SEC, indicating significant investment activity by The Public Investment Fund (PIF) of Saudi Arabia and associated entities. The PIF, along with Ayar Third Investment Company and individuals Turqi A. Alnowaiser and Yasir Alsalman, collectively known as the Reporting Persons, have reported substantial ownership stakes in Lucid Group. As of the filing date, PIF directly owns 8,041,393 shares of Lucid Group's Common Stock and may be deemed to beneficially own an additional 1,822,511,290 shares held by Ayar, which includes shares issuable upon conversion of Series B and Series A Convertible Preferred Stock. This brings PIF's total beneficial ownership to approximately 65.97% of Lucid Group's issued and outstanding Common...Show More