A CEO’s Commitment to Long-Term Growth: In a bid to calm investors, Lucid Motors’ CEO Peter Rawlinson addressed the drop in the company’s share price during the third-quarter earnings call this week.
On Friday, shares of Lucid Motors LCID closed at $2.21, marking a decline of nearly 47% since the beginning of the year.
Rawlinson reassured investors, stating, “I want to assure you that we’re taking significant steps to deliver long-term shareholder value.” He noted that “challenging” market conditions and a mix of factors have impacted the share price. “This is a long-term play, and we’re indeed actively working on several initiatives both to drive growth and to improve our financial performance.”
Emphasizing his commitment, Rawlinson shared his personal stake in the company, asserting, “As a major shareholder, believe me, nobody is more incentivized than me for success. I relate to you all because I put so many of my own savings into this company to make it happen.”
He also revealed that he has not sold any of his Lucid shares, “except what was necessary for tax purposes.”
When asked about the possibility of Saudi Arabia’s Public Investment Fund (PIF) considering a buyout of Lucid, Rawlinson declined to comment, stating it was not his place to speak for the sovereign wealth fund. The PIF, which owns nearly 60% of Lucid, has invested approximately $8 billion in the firm since 2018.
The Big Picture: According to data from Benzinga Pro, Rawlinson currently owns about 18.5 million shares of Lucid, valued at roughly $41 million based on Friday’s closing price of $2.21.
It’s noteworthy that Rawlinson isn’t the only CEO with significant holdings in their enterprise. Tesla Inc CEO Elon Musk possesses 411 million shares of Tesla, valued at around $132 billion as of Friday’s closing price of $321.22.
Rivian Automotive CEO RJ Scaringe has about 3.5 million shares, which translates to a value of approximately $37 million.
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