Prince Andrew advisor pitched Jeffrey Epstein on investing in EV startups like Lucid Motors

In 2017, electric vehicle manufacturer Lucid Motors found itself in a difficult position while attempting to secure Series D funding. The company had been in discussions with Ford as a potential lead investor, but complications arose due to Jia Yueting, founder of rival startup Faraday Future, who held a significant stake and was impeding new investment. Amidst this turmoil, David Stern, a businessman closely associated with former Prince Andrew, identified an opportunity to navigate the situation by introducing Jeffrey Epstein as a potential investor. In emails released recently as part of a Department of Justice disclosure, Stern informed Epstein about Ford's interest in leading a $400 million investment round for Lucid Motors, pointing out Jia's financial difficulties at Faraday Future. Documents reviewed by TechCrunch reveal that Stern had previously pitched Epstein various investment opportunities in the electric vehicle sector, including stakes in Faraday Future and another startup, Canoo. Ultimately, it appears Epstein did not invest in these ventures. Lucid Motors managed to close its Series D funding in late 2018, securing over $1 billion from Saudi Arabia’s sovereign wealth fund, while Faraday Future received a significant investment from Chinese conglomerate Evergrande. Epstein was noted to have expressed in 2018 that he had no interest in Canoo. The correspondence sheds light on Epstein's extensive connections to Silicon Valley startups prior to his arrest in 2019. The documents reveal that Stern and Epstein had collaborated closely for nearly a decade, with Epstein referring to Stern as “my china contact” and Stern acknowledging Epstein as his mentor. Stern's background is notably elusive, with limited information available online before the release of these documents. He is best known as the director of Prince Andrew’s Pitch@Palace initiative, which ended amid scrutiny of Andrew’s association with Epstein. The two men first connected in 2008, as Stern sought to establish a fund to capitalize on opportunities in China, although the details of their introduction remain unclear. Throughout their partnership, Stern presented Epstein with a variety of investment ideas, including plans to establish a secret fund to invest in Chinese businesses, purchasing troubled music publisher EMI, and even acquiring banks. By 2017, as interest in new mobility companies surged, Stern attempted to facilitate a meeting between Epstein and Jia Yueting. Stern's efforts to secure investments for Lucid Motors culminated in a pitch deck sent to Epstein in May 2017, suggesting the acquisition of a 32% shareholding. However, Ford eventually withdrew from negotiations, leaving Lucid to finalize its funding with the Saudi fund a year later. Stern also played a role in backing Canoo, contributing to its early funding alongside other notable investors. As Epstein maintained connections within elite circles, he also facilitated introductions for Stern, including potential investors and influential figures. Despite these efforts, Epstein's arrest and subsequent death left many of these ventures unresolved. Stern continued to engage with Epstein's network, sending emails that highlighted ongoing discussions about electric vehicles even as Epstein faced legal troubles.