Churchill Capital Corp IV (NYSE: CCIV) stock, one of the hottest SPACs of 2021, gets more action Monday morning as retail investors hope to bring new life to the stock that fell on a deal announcement.
Now, bulls have another rumor up their sleeves. Apple to join forces with Lucid Motors in delivering top of the line EV.
Late yesterday @spac_culator posted a video titled “$CCIV and $AAPL autonomous car” The comment above video noted that we have “…the big clues,LucidMotors CEO dropped. He was about to say Apple but stopped his chatty lips. But he did grin. Too bad, the moderator wasn’t paying attention and didn’t probe deeper.”
SPACulator is talking about the last seconds of the video where Mr. Peter Rawlinson, CEO of Lucid Motors talks how Lucid is a perfect hardware platform for big Silicon Valley software company to prove what they can do with EV. While he was talking about software company he was raising his eyebrows. (Snap snap, grin grin, wink wink, nudge nudge, say no more?)
And this was enough to start the avalanche. In the eyes of CCIV stockholders a rumor is enough to invest into CCIV: Early Monday a rumor swept the globe and CCIV stock is up 7% during pre-market session.
But, is Apple partnering with Lucid Motors?
If an agreement is finalized, why would Apple choose Lucid? According to Macrumors “Apple’s work on a car has progressed and the company now feels that it is able to build a vehicle for consumers”. So, if Apple is still working on a autonomous car (since 2016) they are either going to take over Lucid or build a car from the ground up.
But those familiar with the matter say how Apple must be that “Silicon Valley big company” Mr. Rawlinson mentioned in the interview shared on social media.
Here is why:
- Michael Klein (founder Churchil Capital-CCIV) is a childhood friend with Steve Jobs widow Laurene Powell Jobs, and a managing partner at Emerson Collective. Laurene Powell Jobs is the president at Emerson Collective.
- Emerson Collective is an investor in CCIV
- Sir Jonathan Ive (Churchil Capital operating partner) served as a Chief Design Officer in Apple where he was involved in designing everything from hardware and packaging to Apple Park and Apple retail stores. Steve Jobs referred to him as ‘his creative partner’.
“What role will Johny Ive play at LucidMotors once the CCIV merger voted on & approved? ” asked SPAC Mania on February 24th, noting how “Elon Musk took over Eberhard as CEO of Tesla. Could Johny play a significant role in the future?”
Well, I am sure nothing like that will be coming our way as Saudis are included in this $20-something-billion deal and Musk entered Tesla with a mere $6.5 million, leading Musk and Eberhart to disagree about whether Musk was truly a co-founder of the company.
According to Ashle Vance, on July 1, 2003, Martin Eberhard and Tarpenning incorporated their new company. The third desk was occupied a few months later by Ian Wright. Later on the three men went hunting for some VC funding and in January 2004, with an investment of $6.5 million, Musk had become the largest shareholder of Tesla and the chairman of the company.
I am going too far away to prove that Johny Ive will not take over Lucid Motors or play a significant role in a possible Apple deal.
We will have to wait and see but in my eyes this Apple- Lucid deal is a quite a stretch that might create another set of bagholders once Apple slams the brakes on partnership rumor.