Another day, another company going public via SPAC. This time, electric vehicle manufacturer Lucid Motors is merging with Churchill Capital Corporation IV in a deal valued at $11.75 billion, with a “b.”

$CCIV, which once hovered between $9 and $10 per share, rocketed up to an all-time high of $64.86 after rumors of a merger were first published by Bloomberg in mid-January — a 391% increase in just 38 days. The merger has had investors buzzing for over a month since Bloomberg first reported that Lucid was looking to go public, and $CCIV has been bouncing around after hours in response to the news.

In a field swimming with competition and ruled over by the indomitable Tesla, Lucid has made a name for itself by securing major investments from the Public Investment Fund of Saudi Arabia in 2019, but also for the significant buzz around the reveal of its first vehicle. The Lucid Air, a luxury vehicle set to release later this year, has set the industry and dramatically increased Lucid’s social media presence and brand.

Twitter data shows that the reveal of the Lucid Air on September 9 last year significantly expanded the company’s following. Rumors leading up to the reveal helped it take in an additional 10,000 followers, with another 11,000 trickling in throughout the tail end of 2020. But all it took was the rumor of a public listing to send its following to the moon. Since the rumors were first reported on January 11, Lucid’s Twitter following increased 165%, currently resting at 101,000 followers.

Lucid’s growth doesn’t only exist in word of mouth. The company’s job listings (not shown) grew from 189 in July 2019 to 634 today, showing that the company is hoping to significantly staff up ahead of and after the release of the Lucid Air. Its Linkedin headcount has similarly exploded; Two years ago today, Lucid had 282 employees on Linkedin. Today, that count sits at 1,620. 

Whether Lucid will be able to punch up to Tesla with its first car is yet to be seen, but investors are certainly bullish about the opportunity to invest in an electric vehicle company at the ground floor. Tesla’s stock continues to rise out of reach of most investors, and legacy manufacturers like General Motors have made commitments to pivot towards electric vehicle production. With its public offering, Lucid Motors represents a chance to invest early in what many perceive as the future of car manufacturing. What’s yet to be seen is whether that stock will take them to the moon, or just back to the charging station.

About the Data:

Thinknum tracks companies using the information they post online, jobs, social and web traffic, product sales, and app ratings, and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.

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