Susquehanna International Group LLP has sharply reduced its common equity stake in Lucid while maintaining large put and call options positions in the Saudi-backed EV maker.
The Bala Cynwyd, Pennsylvania-based trading firm, founded by billionaire Jeff Yass, cut its Lucid common equity stake by 38.8% during the fourth quarter.
It sold 290,144 shares to reduce its stake to 456,841 as of the end of 2025, down from 746,985 at the end of September.
The firm’s affiliated entity, Susquehanna Portfolio Strategies LLC, separately disclosed a complete exit from its own Lucid position, selling all 44,042 shares it held at the end of the third quarter — the 13F filings published Tuesday with the Securities and Exchange Commission showed.
However, Susquehanna International Group continues to maintain large derivatives exposure in Lucid.
The firm disclosed put option contracts covering 7,047,100 shares, up 2.7% from the prior quarter, and call options on 7,340,400 shares, down 1.6% from 7,456,900.
The combination of large, nearly symmetrical put and call positions is consistent with Susquehanna’s well-known options market-making.
Susquehanna’s Lucid involvement dates back to early 2021, when it first acquired positions in Churchill Capital Corp IV, the special purpose acquisition company that later merged with the EV maker.
The firm had expanded its common shareholding more than eightfold to approximately 6.6 million shares during the second quarter of 2025, before sharply unwinding the position over the following two quarters.
Broader Institutional Picture
Several of the EV maker’s largest holders significantly increased their positions during the fourth quarter of 2025, according to 13F filings that have already been reported for the period ended December 31.
UBS Group AG nearly doubled its Lucid stake, adding 3,812,848 shares for a 98.7% increase to 7,677,272 shares valued at approximately $78.9 million.
Morgan Stanley more than tripled its position, purchasing 3,081,346 additional shares — a 219.2% increase — to reach 4,487,208 shares worth roughly $46.1 million.
Norges Bank, Norway’s sovereign wealth fund, expanded its holding by 65.8%, adding 513,673 shares to bring its total to 1,294,178 shares valued at about $13.3 million.
Vanguard Group, Lucid‘s third-largest institutional holder behind Saudi Arabia’s Public Investment Fund and Uber, added 701,826 shares for a 6.2% increase to 12,061,286 shares worth approximately $124 million.
BlackRock, the world’s largest asset manager with over $14 trillion under management, raised its Lucid position by 7.4% during the quarter, purchasing 415,044 shares to close 2025 holding 6,057,353 shares valued at roughly $62.3 million — a record high for the firm’s stake in the EV maker.
BlackRock first took a position in Lucid in the third quarter of 2021, shortly after the California-based carmaker went public through a merger with special purpose acquisition company Churchill Capital Corp IV.
State Street Corp. added 149,995 shares, a 6.6% increase, while Marshall Wace LLP grew its stake by 6% and Geode Capital Management LLC increased by 3.2%.
However, not all major institutional holders added shares.
Dimensional Fund Advisors LP trimmed its Lucid position by 7.7%, selling 129,918 shares to reduce its holding to 1,560,871 shares.
Saudi Arabia’s Public Investment Fund, which owns a controlling 58.4% stake in Lucid through approximately 1.77 billion shares, last reported its position as of Sept. 30 and has not yet filed its Q4 2025 update.
Uber, which held 13,715,121 shares as of Dec. 31, maintained its position unchanged during the quarter.
As of Tuesday morning and according to Nasdaq data, Lucid has 445 institutional holders owning a combined 257,279,602 shares, excluding the PIF’s controlling stake.
