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Tuesday, March 28, 2023

The World’s Richest Man Is Serving to Lotus Go Public

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Picture: Lotus

Elon Musk is now not the world’s richest man, in keeping with Forbes. Bernard Arnault, the chairman of LVMH — the conglomerate behind luxurious manufacturers like Louis Vuitton, Hennessy, Bulgari, and plenty of different manufacturers you see at overpriced airport boutiques — is. Bloomberg stated Tuesday {that a} agency tied to LVMH will probably be merging with Lotus to take the carmaker public, presumably emboldened by Porsche going public in September. This may, on paper, pit the world’s two richest individuals towards one another in a battle for the EV way forward for the world, since Lotus is all-in on EVs now, however that appears extra like a enjoyable thought train than actuality.

That’s partially as a result of Tesla and Geely-owned Lotus try to do various things. Tesla is attempting to scale as much as promoting thousands and thousands and thousands and thousands of EVs, whereas Lotus is attempting to scale as much as merely promoting 1000’s of automobiles. Additional, Elon Musk is a little more concerned together with his automotive firm (regardless of the continuing misadventure with Twitter) than Arnault can be. Bloomberg describes the agency Lotus is merging with, L Catterton Asia Acquisition Corp, as, “the personal fairness operations of Arnault’s luxury-goods powerhouse LVMH [that] mixed with the US funding agency Catterton in 2016,” which makes it sound like one thing that the world’s richest man in all probability forgot existed.

At any fee, L Catterton Asia Acquisition Corp is definitely solely merging with Lotus Tech, which is the EV a part of Group Lotus. Lotus Tech is making the Eletre, the SUV you see above, which it calls “the world’s first electrical hyper-SUV.” Reuters additionally says that entities that already personal Lotus Tech, which is usually Geely and some different shareholders, will preserve their stakes in Lotus Tech, and that stake will quantity to 89.7 p.c of the corporate after the merger with L Catterton Asia Acquisition Corp.

Which makes me assume that that is principally a money seize. Though, in the event you’ve ever dreamed of proudly owning inventory in Lotus, this may very well be your massive probability. Reuters says that the mixed firm will record on the Nasdaq trade, with the ticker image “LOT.” Sometime, any individual may even get round to mentioning it to the world’s richest man.

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