Saudi Arabia's stake in Lucid dropped in value more than $50 billion as the EV startup struggles, report says

• Saudi Arabia's sovereign fund has a 60% stake in Lucid Motors, an EV startup.
• Months after the company went public, the stake was valued at more than $55B, per Bloomberg.
• That value dropped about 90% to $5.4 billion as Lucid reports millions in net loss.

Saudi Arabia's bet on Lucid Motors, an EV startup widely viewed as a competitor to Tesla, has yet to show a big payoff.