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☆ Lucid's revenue falls short of estimates as it guides to higher EV production in 2023
▼ + stars: | 2023-02-22 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Electric vehicle start-up Lucid on Sept. 28, 2021 said production of its first cars for customers has started at its factory in in Casa Grande, Arizona. Electric vehicle maker Lucid on Wednesday reported fourth-quarter revenue that fell short of expectations after building just 7,000 of its Air luxury sedans last year amid manufacturing challenges. But the company said it expects to make between 10,000 and 14,000 vehicles in 2023. The company's bottom line likewise improved, coming in narrower than the 64-cent loss per share it posted in the year-ago period. The company said in April that Saudi Arabia's government had agreed to buy up to 100,000 of its vehicles over the next 10 years.

☆ Vince McMahon reportedly wants at least $9 billion for potential sale of WWE
▼ + stars: | 2023-02-18 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Ex-WWE CEO Vince McMahon reportedly wants at least $9 billion for the company, according to Bloomberg. He has been considering a sale since his return, and several bids reportedly have been submitted. Days after McMahon's return, WWE also announced that Stephanie McMahon was resigning as co-CEO, and Khan would serve as the lone CEO going forward. Last month, Khan said reports that a sale to the Saudi Arabian fund was complete in principle "totally false." McMahon's desired $9 billion is a high ask considering the company reported $1.29 billion in sales last year, and the $9 billion price tag is about 23 times the company's operating income, according to Bloomberg.

☆ Tesla's stock is getting trounced by EV challenger Lucid, which is leading techs' 2023 rally thanks to Saudi takeover rumors
▼ + stars: | 2023-02-08 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Shares in electric-vehicle manufacturer Lucid Motors have jumped 69% in 2023. Speculation of a takeover by Saudi Arabia's sovereign wealth fund has fueled Lucid's recent rally. Lucid is even beating rival EV manufacturer Tesla, which is up just under 60% so far this year at $196.81, despite analysts' fears. Lucid shares have also risen thanks to rumors of a looming takeover by Saudi Arabia's Public Investment Fund, which invests on behalf of the government and already owns over 60% of the carmaker. The stock jumped 43% on January 27 alone, after the deals website Betaville reported the Saudi PIF could be close to finalizing a full takeover.

☆ Morgan Stanley analyst thinks Lucid is headed to an all-time low
▼ + stars: | 2023-01-31 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Lucid 's stock has boomed in recent days, but Morgan Stanley is warning of a bust on the horizon. Analyst Adam Jonas' price target of $5 implies the electric vehicle maker's stock will tumble 57.4% from where it closed Monday. That means Jonas, who carries an underweight investment recommendation, expects the stock to hit an all-time low sometime in the next 12 months. While Jonas said support from the Saudi Arabia could help the company long-term, he still sees a challenging road ahead for Lucid. The stock previously reached an intraday low of $6.09 and closing low of $6.17 earlier this month.

☆ Lucid spikes 98% on speculation Saudi investment fund may buy out remaining stake in the EV maker
▼ + stars: | 2023-01-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Lucid stock skyrocketed on Friday on speculation that Saudi Arabia's Public Investment Fund would buy out the remaining stake. Saudi Arabia's PIF currently owns 65% of Lucid, and has not confirmed if it will buy the remaining shares. Shares were halted 12 times on the New York Stock Exchange Friday afternoon due to increased volatility. The fund also bought 41 million shares of Tesla around that time, but has since sold off the stake in the rival EV maker. The fund has not publicly confirmed if it will buy the remaining shares of Lucid.

☆ EV maker Lucid surges on reports Saudi PIF to buy remaining stake
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: 1 min

Jan 27 (Reuters) - Lucid Group's (LCID.O) shares doubled on Friday on market speculation that Saudi Arabia's Public Investment Fund is working on plans to buy out the rest of the electric vehicle maker. The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses the term "uncooked" to refer to market gossip. The PIF, the sovereign wealth fund that owns more than 65% of Lucid, did not immediately respond to a request for comment. Reporting by Chavi Mehta in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Formula One accuses FIA head of commercial interference
▼ + stars: | 2023-01-24 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, Jan 24 (Reuters) - Liberty Media-owned Formula One has accused FIA president Mohammed Ben Sulayem of interfering with its commercial rights by publicly questioning a reported $20 billion valuation of the sport. They also fuel the sense of an emerging turf war between the governing body and a commercial rights holder eager to grow an expanding and increasingly popular championship in new directions. Sky Sports News reported that Formula One's legal head Sacha Woodward Hill and Liberty Media counterpart Renee Wilm had sent a joint letter to the FIA accusing the governing body of exceeding its remit. "The FIA has given unequivocal undertakings that it will not do anything to prejudice the ownership, management and/or exploitation of those rights," Sky quoted Formula One's letter as saying. There was no comment from Formula One and no immediate response from the FIA.

United and Liverpool are the two most successful teams in English football but have won only one league title each in the past decade. "You get a lot of money from the Premier League, from broadcasting and sponsorship, but you also have to put a lot of money in to keep your team." "The failure of the proposal and the failure of Premier League clubs to gain greater power in the running of the league are likely influencing factors," said Spencer Harris, Associate Professor of Sport Management at the University of Colorado. "The current owners (of Liverpool and United) don't have the finances to compete and invest on the level of these other clubs." "(There is a) general realisation that English Premier League teams, the two biggest ones per se, are relatively uncapitalized versus NFL franchises, which have been a barometer for a longer period of time."

Tesla CEO Elon Musk took the witness stand again Monday in a trial over whether he purposefully misled investors when he tweeted that he had "secured" funding to take the electric car maker private. Musk is being sued by Tesla investors who claim the August 2018 take-private tweet caused them to lose substantial sums of money. “Just because I tweet something does not mean people believe it or will act accordingly,” Musk told the jury Friday in San Francisco federal court. Musk’s attorney, Alex Spiro, told the jury in opening statements last week that Musk believed he had financing from Saudi backers and was taking steps to make the deal happen. Asked Friday about requests from Twitter stakeholders to avoid tweeting, Musk said he did not recall them.

The court trial to decide whether a tweet Elon Musk sent in 2018 cost Tesla investors millions of dollars will resume Friday, with Musk himself potentially taking the stand. Tesla shareholders are suing the company to recoup losses they say they suffered amid Musk's claims that he had "secured" money to take the company private at $420 per share. Had the plan ultimately materialized, people who owned shares of Tesla at the time could have earned profits on their holdings. After the trial adjourned Wednesday, Porritt told The Associated Press he hopes to call Musk to the stand Friday after two other witnesses testify. Littleton told the nine-person San Francisco jury that Musk’s claim about the financing alarmed him.

☆ Who could buy Manchester United and how much is it worth?
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

Jan 18 (Reuters) - Jim Ratcliffe's company INEOS formally entered the bidding process to buy Manchester United on Tuesday, months after the club owners, the Glazer family, said they were considering selling the club as they explore "strategic alternatives". MIDDLE EASTERN INVESTORSUnited's local rivals Manchester City are bankrolled by the Abu Dhabi United Group, while Saudi Arabia's Public Investment Fund completed a 300 million pound buyout of Newcastle United in 2021. Bloomberg News reported this week that United, Tottenham Hotspur or Liverpool were being targeted by QSI for a potential acquisition. The Times newspaper, which first reported Ratcliffe's INEOS entering the bidding, said that interest from the United States and Asia is also expected. Asked by the BBC at the time if he needed to raise four billion pounds to buy United, O'Neill said: "I'm not sure if it'll necessarily be that much, but let's see."

☆ Poulter says he might not participate in Ryder Cup
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Mandatory Credit: Jasen Vinlove-USA TODAY SportsJan 17 (Reuters) - England's Ian Poulter said he might not compete in this year's Ryder Cup even if he qualifies. The 47-year-old, nicknamed "Mr Ryder Cup" for his exploits in previous editions for the European team, joined the LIV Golf series in June, jeopardising his involvement in the biennial contest. Poulter has won several titles on both the major tours and cited age as a factor in his decision to sign up for the LIV Series. The Ryder Cup, a biennial team competition between the United States and Europe, saw the U.S. defeat Europe 19-9 to win it in 2021. The 2023 Ryder Cup will be played from Sept. 29-Oct. 1 at Marco Simone Golf & Country Club in Rome.

☆ Saudi Arabia's wealth fund raises Nintendo stake to 6%
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Jan 12 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) has increased its stake in Japan's Nintendo Co Ltd (7974.T) to 6%, a filing showed on Thursday, reflecting the sovereign wealth fund's growing exposure to the Japanese video gaming industry. PIF's stake in the Kyoto-based company has risen from 5.01% to 6.07%, according to the ownership report filed with Japanese regulators. PIF revealed its 5% stake in Nintendo in a regulatory filing in May last year, stating that it was made for investment purposes. It has also taken stakes in video game companies Nexon (3659.T), Capcom (9697.T), and Koei Tecmo (3635.T). Reporting by Makiko Yamazaki; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea's Kakao Entertainment secures $966 mln investment from sovereign wealth funds
▼ + stars: | 2023-01-11 | by ( Joyce Lee | ) www.reuters.com time to read: +2 min

SummarySummary Companies Largest overseas investment in Korean content firm, co saysBusiness includes K-Pop, video, online comics and novels"Recession-proof" nature of business likely a draw -analystsSEOUL, Jan 12 (Reuters) - South Korean tech conglomerate Kakao Corp (035720.KS) said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds. Kakao, however, did not name the sovereign wealth funds in its statement. Kakao Corp shares rose 1% in early morning trade, outperforming a 0.2% rise in the wider market (.KS11). Unlisted Kakao Entertainment has a business portfolio ranging from K-Pop - including artist management - to shows, movies, and online-targeted, comparatively low-cost content such as comics called webtoons and serial web novels. "Having secured funds, Kakao Entertainment may seek to strengthen its artist lineup that can better target overseas markets via M&A or other ways."

☆ Elon Musk attorneys aim to move trial from California to Texas, citing ‘local negativity’
▼ + stars: | 2023-01-07 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Attorneys for Tesla and Elon Musk are asking a federal judge in San Francisco to move, or delay, a forthcoming trial from Northern California to Western Texas, saying they won't be able to find unbiased jurors and citing "local negativity" toward Musk. That year, Musk resided in California and Tesla was headquartered in Palo Alto. In a recent public appearance in San Francisco, Musk was booed after comedian Dave Chappelle invited him on stage. Musk and his attorneys have previously argued that his statements about a possible take-private deal for Tesla in 2018 did not violate the law. The Tesla CEO has repeatedly claimed that he made a handshake deal with investors from Saudi Arabia's Public Investment Fund to take Tesla private at $420 per share.

☆ Rahm wants joint decision on LIV players at Ryder Cup
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - The PGA Tour and Europe's DP World Tour must be on the same page in deciding whether players from the breakaway LIV Series can take part in the Ryder Cup, former U.S. Open champion Jon Rahm said. The U.S.-based PGA Tour has suspended those who joined the rebel circuit but the DP World Tour, formerly the European Tour, has yet to decide whether LIV players can play in the Ryder Cup. Spaniard Rahm said it would not be a smart move to have one team with LIV players and one without. "We saw a younger U.S. team last Ryder Cup and they did what they did. So I'm hoping these younger guys who've grown up watching the Ryder Cup and seeing their idols ... it energises the team a little in any manner and we show up there to win."

☆ Tesla's cratering share price goes beyond Musk's preoccupation with Twitter. The entire EV market is slowing down.
▼ + stars: | 2022-12-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Tesla's share price has been cut in half and a distracted CEO isn't the only issue. The wider EV market is facing a tough mix of challenges. At the time of writing, its share price sits at $126.31, down 60% since the beginning of the year. Tesla's woes are symptomatic of wider issues plaguing the EV market. Tesla's stock market value slid below ExxonMobil this week for the first time since 2020, falling to $435 billion on Tuesday-compared with the oil and gas company's $439 billion market value, according to the Financial Times.

☆ EV maker Lucid closes $1.5 billion raise from the Saudi public wealth fund and other investors
▼ + stars: | 2022-12-19 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Lucid Motors CEO Peter Rawlinson claps after ringing the opening bell at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, July 26, 2021. Electric vehicle maker Lucid Group said Monday that it has completed a planned $1.5 billion equity offering. Lucid raised the majority of that cash, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor, Saudi Arabia's Public Investment Fund. The remaining $600 million was raised via a traditional secondary stock offering, in which Lucid sold an additional 56 million shares. The funding round was structured to keep the Saudi public wealth fund's stake in Lucid at its previous level, about 62%.

☆ The Saudi Arabian government would 'definitely support' private bids for UK soccer clubs Manchester United or Liverpool, sports minister says
▼ + stars: | 2022-11-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's sports minister told BBC it will support private bids for Manchester United and Liverpool FCs. A consortium led by Saudi Arabia's Public Investment Fund already owns Newcastle United FC. A consortium led by Saudi Arabia's Public Investment Fund purchased Newcastle United FC in October 2021 for $409 million. Manchester United and Liverpool are among the world's most valuable sports teams. Forbes estimates Manchester United is worth around $4.6 billion, while Liverpool is worth about $4.45 billion.

☆ Rahm hopes Garcia's LIV switch won't tarnish legacy
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

Mandatory Credit: David Yeazell-USA TODAY SportsNov 17 (Reuters) - Former U.S. Open champion Jon Rahm said he hopes compatriot Sergio Garcia's legacy will not be tarnished by his decision to join the Saudi-funded LIV Golf series. When asked if Garcia's switch to the Saudi-backed series could affect the former Masters champion's legacy, Rahm told reporters, "I hope not". He's done a lot for the game of golf, so it would be sad to see that change." Rahm also heaped praise on world number one Rory McIlroy, who has been one of LIV Golf's fiercest critics. Critics say LIV Golf, which is bankrolled by Saudi Arabia's Public Investment Fund, amounts to "sportswashing" by a nation trying to improve its reputation in the face of criticism over its human rights record.

SEOUL, Nov 17 (Reuters) - South Korean and Saudi Arabian leaders pledged stronger ties on Thursday in the fields of energy, defence industry and building projects, as the oil-rich kingdom signed investment agreements worth $30 billion with South Korean companies. "In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defence industry, infrastructure and construction," Yoon's office said. Saudi-based Asharq TV quoted the kingdom's investment minister as saying deals signed on Thursday were worth $30 billion. "The (South Korean) government will actively support the successful implementation of cooperative projects which apply Korea's state-of-the-art architecture ... in NEOM," said South Korea's trade minister, Lee Chang-yang. Shares in Lotte Fine Chemical (004000.KS), which signed an agreement for chemical industry cooperation with the Saudi Ministry of Investment, rose 2.1%.

☆ Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books
▼ + stars: | 2022-11-16 | by ( Angus Berwick Anirban Sen Elizabeth Howcroft Lawrence Delevingne | Angus Berwick | Anirban Sen | ) www.reuters.com time to read: +22 min

Sequoia was shocked at the amount of money Bankman-Fried needed to save FTX, according to the sources, while Apollo first asked for more information, only to later decline. The booklet flagged the risks of crypto trading, particularly how sudden sales of tokens could trigger a "domino effect" that would lead to a "cascading set of liquidity failures." Using profits from Alameda, Bankman-Fried launched FTX in 2019. From almost nothing in 2019, FTX handled about 10% of global crypto trading this year, a September document shows. At one point, he lived in a penthouse overlooking the Caribbean, valued at almost $40 million, according to two people who worked with FTX.

☆ KFC's Middle East and North Africa franchisee sets price range for IPO
▼ + stars: | 2022-11-14 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 14 (Reuters) - Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, is set to raise as much as $1.8 billion from its initial public offering after the company disclosed an indicative price range on Monday. The price range was set at 2.50 dirhams to 2.62 dirhams per share, the company said in a statement, implying an equity value for the group between $5.73 billion to $6.01 billion. The final price will be disclosed on Nov. 23, the company said. Retail investors in the UAE will be allocated 5% of the offering, while retail investors in Saudi Arabia will be offered 10%. Reporting by Hadeel Al Sayegh; Editing by Christian Schmollinger and by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Electric vehicle makers burning cash, slammed by sky-high costs
▼ + stars: | 2022-11-14 | by ( Akash Sriram | ) www.reuters.com time to read: +5 min

[1/2] A Canoo Lifestyle Vehicle is displayed during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. At the end of September, it had $6.8 million in cash and equivalents, down sharply from $415 million a year earlier. Still, higher output would ultimately reduce the cost per car and limiting production can threaten the path to profitability, analysts said. Rivian, backed by Amazon.com (AMZN.O) and Ford Motor (F.N), had $13.8 billion cash on hand at the end of September.

☆ Saudi Arabia's PIF reduces majority stake in Saudi Tadawul Group
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 13 (Reuters) - Saudi Arabia's Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund's remaining stake amounts to 72 million shares or 60% of the company, it said. PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030 plan to wean the economy off its dependence on oil. It sold a 6% stake in Saudi Telecom (STC) for 12 billion riyals ($3.2 billion) in December last year.

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