Prince Andrew’s Adviser Pitched Jeffrey Epstein on EV Startups Like Lucid Motors
Newly released U.S. Department of Justice files reveal that David Stern, a close adviser to Prince Andrew and organizer of the prince’s startup initiatives, pitched Jeffrey Epstein on investing in electric vehicle startups including Lucid Motors, Faraday Future, and Canoo during their critical funding phases in 2017-2019.[1][2] These emails highlight Epstein’s proximity to the EV boom, even as his legal troubles loomed, though no investments materialized.[1][2]
The EV Funding Frenzy of the Late 2010s
The late 2010s marked a pivotal era for electric vehicles, with global plug-in sales surging from 1.1 million units in 2017 to 2 million in 2018, driven by falling battery costs and automaker commitments.[1] Startups like Lucid Motors faced massive capital demands—often billions—for vehicle programs, drawing in nontraditional investors like sovereign funds amid intense competition.[1][2]
Enter David Stern, described as a “ghost” in Prince Andrew’s orbit for his low profile. Stern ran the Pitch@Palace entrepreneurship contest and had approached Epstein as early as 2008 with various deals, from China-focused funds to bank bids.[1] Their correspondence was candid: Epstein critiqued Stern’s prep, while Stern called him a mentor with key China contacts.[1]
Stern’s Lucid Motors Pitch: A “Fire Sale” Opportunity
In 2017, Lucid Motors scrambled for its Series D round amid a crowded EV field. Ford eyed a lead role in a $400 million raise, but Faraday Future founder Jia Yueting’s 30-32% stake blocked progress due to his cash-strapped LeEco empire.[1][2][3]
Stern saw Epstein as the solution. Through his vehicle Monstera, he proposed buying Jia’s stake for $300 million—a “fire sale” with options to hold or flip to Ford.[1][2] Emails urged Epstein: Jia needed cash for payroll, and Ford’s entry loomed.[2] The pitch deck emphasized the bargain amid Lucid’s luxury sedan push.[1]
It fell through. Ford withdrew, and Lucid secured over $1 billion from Saudi Arabia’s Public Investment Fund in 2018, which later bought out Jia’s shares.[1][2]
Broader EV Outreach: Faraday Future and Canoo
Stern didn’t stop at Lucid. He funneled Faraday Future deals to Epstein, including a meeting with Jia and pitches from executive Stefan Krause to “build a better Tesla” amid cash woes.[1] Faraday later got commitments from Evergrande affiliates, which soured over disputes.[1]
When Krause co-founded Canoo, Stern sent Epstein materials. Epstein replied in 2018 he had no interest.[1] These efforts captured the EV sector’s desperation: startups needed runway fast, intermediaries bundled distressed assets with sovereign backers.[1][2]
| Startup | Pitch Details | Outcome |
|---|---|---|
| Lucid Motors | Acquire 32% stake from Jia for $300M; flip to Ford[1][2] | Saudi PIF invested $1B+; repurchased Jia’s shares[1][2] |
| Faraday Future | Rescue financing; “better Tesla” amid LeEco collapse[1] | Evergrande commitments, later disputes[1] |
| Canoo | Materials on Krause’s new venture[1] | Epstein declined interest[1] |
Implications for Investors, Startups, and Reputations
These pitches underscore EV funding dynamics: high-growth bets under time pressure, with intermediaries like Stern linking founders, financiers, and royals.[1] Startups gained lifelines; investors eyed control or quick flips in a market outpacing autos by double digits.[1]
Risks were stark. Epstein’s involvement posed reputational and regulatory hazards—opaque money complicating listings, fundraising, or CFIUS reviews for foreign stakes.[1] Governance experts note such ties linger in cap tables.[1]
For Prince Andrew’s circle, it spotlights royal-adjacent fixers in tech pursuits. Stern’s role embedded Epstein in Silicon Valley’s mobility shift right before his 2019 arrest.[1][2]
Broader Context: Epstein’s Tech Entanglements
The DOJ’s 3 million-document release paints Epstein not just as a financier but a peripheral player in high-stakes tech.[2] No evidence shows investments here, but the outreach reveals opportunism: distressed sellers, strategic chases, and controversial capital converging as EVs reshaped autos.[1][2]
Saudi PIF’s Lucid dominance exemplifies sovereign shifts, while Faraday and Canoo’s paths highlight volatility.[1] Today, Lucid trades publicly, its Saudi ties intact post-SPAC; peers like Canoo navigate markets amid EV cooling.[1] (Inferences from filings noted in sources.)
This episode, from 2017’s frenzy to 2026 disclosures, reminds how ambition blurred lines in the EV gold rush—tying palaces, predators, and prototypes.[1][2]
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Original source: TechCrunch – Prince Andrew advisor pitched Jeffrey Epstein on investing in EV startups like Lucid Motors
