Susquehanna International Group lifted its common-share stake in Lucid Motors sharply in the second quarter and rebalanced its options exposure toward puts.
Filings show that the firm founded by the billionaire Jeff Yass reported ownership of 6.6 million Lucid shares at June 30, up from 724,000 three months earlier.
That increase of 5.9 million shares marked an 817% rise. Based on Friday’s closing price, the holding was valued at about $14.4 million.
At the same time, the firm cut its Lucid call options by 52% to contracts tied to 2.1 million shares.
It increased put positions by 117% to contracts on 6.5 million shares. The put holdings were valued at $13.6 million, compared with $4.4 million for calls.
The new configuration left Susquehanna with more than three times as many puts as calls.
At the end of March, the ratio had been reversed, with calls exceeding puts. The change points to a more defensive posture — either to hedge the larger shareholding, to manage market-making inventory, or both.
Susquehanna’s exposures in Lucid have been highly tactical. Its shareholding had shrunk to just 42,000 shares in mid-2024 before being rebuilt in late 2024 and early 2025.
Call exposure peaked above 12 million share equivalents in 2022 before falling back, while puts have swung between 2.8 million and 9.4 million over the past three years.
The firm first disclosed Lucid positions in the Churchill Capital IV before the EV maker went public via a merger with the special purpose acquisition company four years ago.
Excluding Saudi Arabia’s Public Investment Fund (PIF), which owns 1.77 billion shares or over 60% of the company, Susquehanna accounts for about 1.3% of the remaining institutional float.
The reshaping of Susquehanna’s book came as Lucid’s ownership profile shifted elsewhere in the quarter.
UBS sold 4.7 million shares, cutting its stake by 8.2% to 52.5 million. It also increased put exposure by 246% to contracts on 2.4 million shares.
BlackRock lifted its holdings by 4.3 million shares to 53.7 million, an 8.8% increase.
That made the world’s largest asset manager Lucid’s biggest institutional holder outside PIF. Vanguard, the top index investor, edged its stake higher by 304,000 shares to 111.2 million, a 0.27% rise.
Other large managers also raised their positions.
Geode Capital Management added 1.6 million shares to 22.6 million, a 7.4% increase. State Street bought 2.6 million shares, taking its total to 22.0 million.
Dimensional Fund Advisors more than doubled its stake to 17.6 million. Renaissance Technologies lifted its holdings by 3.0 million to 17.5 million.
Marshall Wace increased its position to 12.7 million shares, up from just half a million a quarter earlier.
Millennium Management cut its stake by 5.3 million shares to 10.0 million. Norges Bank nearly doubled its line, adding 4.7 million shares to 7.8 million.
Among mid-tier holders, Barclays acquired 2.2 million shares, bringing its total to 3.6 million worth $8.5 million.
Charles Schwab Investment Management raised its stake modestly to 6.9 million shares. First Trust Advisors reduced its holdings to 6.8 million.
Institutional ownership of Lucid has grown significantly this year.
At the start of 2025, institutions held about 1.6 billion shares. By June 30, the figure had risen to 2.3 billion across 557 institutions, including PIF.
For Susquehanna, the second-quarter positioning reflects its role as one of the market’s biggest options desks. It added equity at depressed levels — Lucid’s stock has been near record lows — while hedging with puts and trimming calls.
The hierarchy of top holders has also shifted.
BlackRock overtook UBS as Lucid’s second-largest shareholder after PIF. Vanguard remains the largest institutional holder. Below them, managers from Geode to Barclays and Susquehanna are adding liquidity and, in Susquehanna’s case, optionable float.
Earlier this week, Lucid Motors’ interim chief executive, Marc Winterhoff, told reservation holders of the Gravity SUV that while most configurations are now in production, some remain affected by component shortages that are delaying deliveries.
