Lucid Motors Shares Jumps 5%, Observers Expect PIF to Retain its Stake

Lucid Motors shares traded in the premarket in the low-$39 range and are now trading at the $41 level, up more than 5%. That’s because the lockup period for legacy shareholders of Lucid expires.

This is a significant event because legacy shareholders of Lucid own 1.19 billion shares out of 1.61 billion shares outstanding.

Fans of Lucid will also be monitoring the Saudi Public Investment Fund (PIF). That’s because the PIF is the largest legacy shareholder of LCID stock with a 67.2% stake. However, the PIF usually holds investments for long periods of time, so investors are not anticipating a major sale.