Lucid jumps 43% amid Saudi Arabia fund takeover speculation (update)
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Update 2pm: Adds Lucid declined to comment on speculation.
Lucid Group (NASDAQ:LCID) soared 43% amid a report that Saudi Arabia's Public Investment Fund may be preparing to acquire the remainder of the electric vehicle maker it doesn't already own.
There's speculation that the Public Investment Fund is working on a plan to buy the remainder of Lucid (LCID), according to a Betaville "uncooked" alert. The fund may be working with JPMorgan on a possible plan to buy the remainder, though it's not clear when a formal offer will be made.
PIF's long term plan appears to be to take Lucid (LCID) private and re-list the company on the Saudi Arabian stock exchange in some years time, according to the report, which cited people speculation people following the matter have heard.
Lucid told Seeking Alpha in an email that it doesn't comment on rumors or speculation.
The PIF currently owns more than 62% of Lucid (LCID).
In November Lucid (LCID) announced Lucid announced a $600M at-the-market program, $915M investment by unit of Saudi's PIF.
Lucid (LCID) came public through a SPAC deal in July 2021, which including PIPE funding from Saudi Arabia's Public Investment Fund. The PIF first invested $1 billion in Lucid in 2018. 
Morgan Stanley's well known auto analyst Adam Jonas and his team in October opined if investors fully appreciate the supportive role of the Kingdom of Saudi Arabia when valuing LCID.
"It is our working assumption that the relationship between the Kingdom of Saudi Arabia and Lucid could extend beyond a controlling shareholder status," Jonas wrote at the time.
Lucid (LCID) short interest is 25%.