Top

Saudi Arabia shuns Tesla, invests $1 billion in rival Lucid Motors (TSLA)

September 17, 2018

Tesla slid as much as 2% Monday after Saudi Arabia’s public-investment firm announced a $1 billion investment in rival Lucid Motors.

The kingdom’s Public Investment Fund had previously been in talks with Tesla around the time of its exploration of going private. Musk said in a blog post explaining his “funding secured” tweet that it was after a meeting with Saudi officials when he felt “no other decision makers were needed and that they were eager to proceed.” Sixteen days after the tweet, Tesla announced it would stay public.

Read More on Business Insider