Why Lucid Stock Nearly Doubled Today

Lou Whiteman, The Motley Fool

January 27, 2023 at 3:17 p.m.·2 min read

Shares of Lucid Group (NASDAQ: LCID) are soaring today, rising as high as 97% following rumors that the luxury EV maker could be taken private by Saudi Arabia's public wealth fund. Shares of Lucid jumped higher due to a story from market blog Betaville that said, according to unnamed contacts, that Saudi Arabia's Public Investment Fund (PIF) is preparing a bid to take Lucid private. Investors need to be careful trading on market rumors, and it probably wouldn't be smart to chase this rally and buy in now.

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