Lucid to cut 18% of US staff as Prince Alwaleed takes 5% stake
What's the deal? Lucid plans to cut about 18% of its US workforce as part of a restructuring under chief executive officer Silvio Napoli, who took over in June 2026. The EV maker is also streamlining its leadership.
Why now? The move comes as Lucid works to improve its finances and execution. Its stock is down about 97% since going public, and the company has pushed back on talk of a take-private deal or Chapter 11 bankruptcy.
The other headline: Saudi billionaire Prince Alwaleed bin TalalDealroom has a profile for this one. Try Dealroom → disclosed a new 5% stake, sending Lucid shares up more than 20%. The position is about 19.5 million shares, worth roughly $126.83 million using Lucid's $6.50 prior close.
What could go wrong? A high-profile holder can read as a confidence signal, but it doesn't change Lucid's cash needs overnight. The rally is largely sentiment-led, and shorts covering can magnify moves in thin trading.
The signal: In heavily beaten-down stocks, ownership headlines can matter almost as much as earnings. But Lucid's longer-term path still depends on whether the cost cuts and management changes actually reduce cash burn and move the business closer to sustainable profits.
Read more: Finimize · Reuters
Image credit: Phillip Pessar
