Bank of America filed a corrected ownership disclosure for Lucid Motors on Tuesday, addressing a calculation error stemming from the EV maker’s reverse stock split that was not reflected in the bank’s original filing.
The amended Schedule 13G shows Bank of America holds 3,450,865 shares of Lucid Class A common stock, representing a 1.1% stake based on 324,164,267 shares outstanding as of September 30, 2025.
The bank said its original filing on November 14, 2025, failed to account for Lucid’s 1-for-10 reverse stock split effective September 2, 2025, “particularly with respect to securities convertible into Class A Common Stock.”
Reverse Stock Split
Lucid announced plans for the reverse stock split in July 2025, with shareholders approving the move before it took effect at the end of August.
Management said at the time that the consolidation was not aimed at avoiding Nasdaq’s minimum stock price threshold of $1.00.
Marc Winterhoff, named interim CEO in February 2025 after Peter Rawlinson’s exit to a senior advisory role, said the split aims to decrease volatility and increase institutional access to the stock.
Most institutional investors are unable to invest in equities trading below $5.00.
Institutional Ownership
Institutional investors held 76.22% of Lucid‘s outstanding shares as of September 30, 2025, according to regulatory filings. A total of 523 institutional holders owned 247,092,729 shares valued at approximately $2.78 billion.
Saudi Arabia’s Public Investment Fund remains the largest shareholder by a wide margin, holding 177,088,867 shares — approximately 54.6% of the company — valued at nearly $2 billion as of the end of Q3.
The sovereign wealth fund, which led Lucid’s $1 billion investment round in 2018 and has continued to support the company through subsequent capital raises, maintained its position unchanged during the quarter.
Notable Position Changes
Several institutional investors significantly increased their Lucid holdings during the third quarter.
Separately, Uber disclosed a new position of 13,715,121 shares, amid the $300 million investment announced in July.
The figures make Uber the second-largest institutional holder behind the main backer Public Investment Fund (PIF) — which owns a stake of over 50%.
Millennium Management raised its stake by nearly 500% to 5,978,151 shares.
Bank of America increased its position by approximately 299% to 1,220,468 shares as of September 30, according to institutional ownership data — though Tuesday’s SEC filing reports a larger figure of 3,450,865 shares after accounting for convertible securities.
Marex Group boosted its holdings by 258% to 1,292,624 shares, while Barclays PLC increased by 173% to 992,998 shares.
Marshall Wace more than doubled its position, adding 1,298,049 shares to reach 2,563,303 shares. Morgan Stanley increased by 66% to 1,405,862 shares.
Reduced Positions
Not all institutions were buyers.
UBS Group AG cut its stake by 26% to 3,864,424 shares, while Dimensional Fund Advisors LP reduced by 4% to 1,690,789 shares.
Overall, 285 institutional holders decreased their positions during the quarter, selling a combined 10,539,791 shares.
Meanwhile, 174 holders increased positions by a total of 29,660,929 shares, and 64 holders maintained unchanged stakes totaling 206,892,009 shares.
Top Institutional Holders
Public Investment Fund held 177,088,867 shares valued at $1.99 billion.
Uber ranked second and held 13,715,121 shares worth $154 million. Vanguard Group held 11,359,460 shares valued at $128 million after increasing its position by 2.1%.
Millennium Management held 5,978,151 shares worth $67 million. BlackRock Inc. held 5,642,309 shares valued at $64 million after increasing by 5.1%.
UBS Group held 3,864,424 shares worth $44 million despite the quarterly reduction. Marshall Wace held 2,563,303 shares valued at $29 million.
Geode Capital Management held 2,462,756 shares worth $28 million.
State Street Corp. held 2,289,579 shares valued at $26 million after increasing by 4.2%.
Software Team Changes
As reported earlier on Tuesday, the EV maker has let go of “more than a handful” members of its software team as the company continues to face user experience issues with its two models.
A Lucid spokesperson confirmed to InsideEVs the changes and said the number of departures was “more than a handful.”
