Newly released Department of Justice documents reveal an unexpected connection between convicted sex offender Jeffrey Epstein and the white-hot electric vehicle startup boom of the late 2010s. David Stern, a mysterious businessman and close advisor to former Prince Andrew, repeatedly pitched Epstein on investing in struggling EV startups including Lucid Motors, Faraday Future, and Canoo between 2017 and 2019, according to TechCrunch's review of hundreds of emails from the DOJ's latest disclosure of 3 million Epstein-related documents. While there's no evidence Epstein actually invested in any of these companies, the files expose another troubling thread connecting the disgraced financier to Silicon Valley's mobility revolution.
The documents paint a picture of desperation and opportunism during one of the most frenzied periods in automotive history. In 2017, Lucid Motors was scrambling to close a Series D funding round. Ford was circling as a potential lead investor in a $400 million round, but there was a problem - Jia Yueting, founder of rival EV startup Faraday Future, had quietly amassed a 30% stake and was effectively blocking new investors.
David Stern saw an opening. "Ford will likely be lead in $400m Series D in Lucid. Big strategic move," he wrote to Epstein in emails released last week as part of the DOJ's disclosure. Jia "has massive cash issues" at Faraday, Stern explained, and needs to "sell now to make payroll for his other business."
Stern wasn't just making idle conversation. According to a pitch deck his fund Monstera sent to Epstein in May 2017, the plan was to spend around $300 million to acquire Jia's 32% shareholding in Lucid. Stern called it a "fire sale" in subsequent emails - Monstera could either hold the position or offload it "when Ford comes in."
None of it happened. Ford pulled out, and Lucid had to wait until August 2018 to close its Series D, ultimately raising more than $1 billion from Saudi Arabia's Public Investment Fund. SEC filings show the Saudi sovereign wealth fund later repurchased Jia's shares over the following years. did not respond to requests for comment.
