Photo by Sean O’Kane / The Verge
California EV startup Lucid Motors gave up majority ownership to Saudi Arabia’s sovereign wealth fund in exchange for the $1.3 billion investment it closed last year, according to an email from the company’s lawyers that was included in a lawsuit filed on Wednesday.
The lawsuit was filed by Lucid Motors’ former head of finance, Doug Coates, who believes he’s entitled to certain severance benefits based on the language of the deal he signed with the company. Coates argues he’s eligible for these benefits because the Saudi Arabia investment triggered a “Change in Control” clause in his agreement with Lucid Motors because it resulted in “a change in the majority shareholder of the Company,” according to an email from his lawyer to the…