Saudi Prince Alwaleed takes 5% stake in EV maker Lucid

Saudi billionaire Prince Alwaleed bin Talal has taken a 5% stake in Lucid, according to a regulatory filing on Tuesday.

The disclosure, which comes weeks after the electric-vehicle maker pushed back against speculation about a potential take-private deal or a Chapter 11 bankruptcy filing, sent its shares up more than 20%.

• Alwaleed owns about 19.5 million shares, amounting to a $126.83 million stake in the company, based on its last closing price of $6.50.
• Lucid's shares have lost about 97% of their value since the company went public, as it has struggled to turn a profit nearly five years after its market debut.
• The EV maker has been undergoing broad restructuring under CEO Silvio Napoli, who took over in June, and named Alexander De Bock as its new finance chief earlier this month.
• Last month, Lucid said it would lay off about 18% of its U.S. workforce, eliminate its chief operating officer role and streamline its leadership structure to reduce costs and improve execution.