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Lucid’s Stock Plummets Amid Bankruptcy Rumors | Oakland News
Lucid Motors faced a brutal Tuesday as rumors of bankruptcy or a private deal sent its stock plummeting 55%—triggered by anonymous claims the board was pushing to restructure and focus on the Gravity SUV. The company fired back, calling the reports “completely false,” citing strong cash reserves and denying any special committee was formed. Backed by Saudi Arabia’s Public Investment Fund, Lucid’s woes come amid quality concerns for the Gravity and Tesla’s recent Model S/X production halt—sending its stock from $5.50 to $2.80 before recovering slightly. The episode underscores the high-stakes…
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