markets

Max Knoblauch2/20/26

Lucid cuts 12% of its US workforce in a profitability push

EV maker Lucid announced on Friday it is laying off 12% of its US workforce as part of its efforts to improve profitability.

This is Lucid’s third round of layoffs since March 2023. At the end of 2024, the company said it had 6,800 employees globally.

“This difficult but necessary decision was made to improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” interim CEO Marc Winterhoff told employees in an email published by Business Insider. The company has been without a permanent CEO since February 2025.

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

Lucid Motors slashes 12% of its workforce as it seeks profitability | TechCrunch

Lucid Motors slashes 12% of its workforce as it seeks profitability | TechCrunch

“This difficult but necessary decision was made to improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” interim CEO Marc Winterhoff told employees in an email published by Business Insider. The company has been without a permanent CEO since February 2025.

Lucid has worked to boost its cash reserves in recent months. Late last year it announced plans to raise $875 million through a private offering of convertible senior notes due in 2031.

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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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