Saudi wealth fund invests $1 bn in Tesla rival Lucid Motors
Saudi Arabiaâs sovereign wealth fund on Monday signed an agreement to invest $1 billion in Elon Musk-led Tesla's rival electric car making company Lucid Motors. The investment comes weeks after it was revealed that Saudi Arabia purchased nearly 5% stake in Tesla. In August, Musk claimed that Saudi Arabia's sovereign wealth fund offered funding to help him take Tesla private. 