The Lucid Air. Photo: Timothy A. Clary/AFP/Getty Images

Saudi Arabia's sovereign wealth fund may invest in luxury electric vehicle startup Lucid Motors, according to Reuters, which reports that recent discussions could result in the Saudis eventually investing over $1 billion and obtaining majority ownership.

Why it matters: The report comes just days after Tesla CEO Elon Musk claimed the Saudi Public Investment Fund (PIF) was "eager" to bankroll his plan to take Tesla private.

  • The Reuters piece and Musk's claims, taken together, signal Saudi interest in electric vehicles as one of the tech sectors that can help diversify their oil-dominant economy.
  • However, Reuters' framing of the potential Lucid deal creates even more uncertainty about the Saudis' readiness and ability to invest heavily in Musk's expensive take-private plan.
  • "A deal with Lucid Motors would . . . be more in line with PIF’s limited resources, given that, despite its $250 billion in assets, PIF has already made substantial commitments to other technology companies or investments, including a $45-billion agreement to invest in a giant technology fund led by Japan’s SoftBank Group Corp.," they report.

Go deeper: USA vs. Elon Musk.

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Media prepares to fact check debates in real time

Illustration: Annelise Capossela/Axios

From live blogs to video chyrons and tweets, media companies are introducing new ways to fact check the presidential debates in real time this year.

Between the lines: The debates themselves are likely to leave less room for live fact-checking from moderators than a traditional news interview would.

Life after Roe v. Wade

The future seems clear to both parties: The Supreme Court will overturn Roe v. Wade in the next few years, either gradually or in one fell swoop, and the abortion wars will move to a state-by-state battle over freedom and restrictions. 

What's new: Two of the leading activists on opposite sides of the abortion debate outlined for “Axios on HBO” the next frontiers in a post-Roe v. Wade world as the balance on the Supreme Court prepares to shift.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Jerome Powell, Trump's re-election MVP

Photo illustration: Annelise Capossela/Axios. Getty Images photos: Andrew Caballero-Reynolds/AFP and Lev Radin/Pacific Press/LightRocket

President Trump trails Joe Biden in most polls, has generally lower approval ratings and is behind in trust on most issues. Yet polls consistently give him an edge on the economy, which remains a top priority among voters.

Why it matters: If Trump wins re-election, it will largely be because Americans see him as the force rallying a still-strong U.S. economy, a narrative girded by skyrocketing stock prices and consistently climbing U.S. home values — but the man behind booming U.S. asset prices is really Federal Reserve chair Jerome Powell.

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