Why Lucid Stock Soared 21.5% Today

Lucid Group's stock surged 21.5% after Saudi Arabian billionaire Prince Alwaleed bin Talal disclosed a 19.5 million share stake valued at over $154 million. The investment is being viewed as a vote of confidence in the struggling EV maker, which has lost nearly 75% of its value over the past year and faces challenges including expired federal EV tax credits and significant operating losses.