Saudi Arabia’s sovereign wealth fund has made a fortune on Lucid Motors — but missed out on another windfall by selling Tesla stock

Saudi Arabia’s sovereign wealth fund has made a fortune on Lucid Motors — but missed out on another windfall by selling Tesla stock

Saudi Arabia has made a fortune on this year, but it missed out on a second windfall by selling stock. The country's Public Investment Fund (PIF) disclosed a $26 billion stake in Lucid in its on Monday. PIF listed the holding in its US stock portfolio for the first time because the electric-vehicle startup went public in July. The addition of Lucid was almost entirely responsible for PIF's portfolio nearly tripling in value to $43 billion in the third quarter. Moreover, Lucid accounted for 59% of that figure at the end of September. Lucid's stock price has surged by more than 75% since then, lifting the value of PIF's stake to about $46 billion today — close to the entire value of its portfolio at the close of the third quarter. PIF invested $1.3 billion in Lucid about three years ago, when the startup was . It still owns 63% of the startup following its public debut, . While PIF's bet on Lucid has paid off handsomely, it left a fortune on the table by selling the automaker's biggest rival. The sovereign wealth fund bought a split-adjusted 41 million shares of Elon Musk's in the fourth quarter of 2018, but