Saudi billionaire Prince Alwaleed bin Talal has disclosed a 5% stake in Lucid Group, and the market read it as a fresh vote of Saudi confidence in the cash-strapped EV maker.

Lucid (LCID) shares jumped as much as 25% on Tuesday after the filing surfaced, even though the disclosure itself is passive and mostly a technical formality.

Lucid (LCID) stock was hit with multiple volatility halts and crashed more than 40% on Tuesday after a report claimed the EV maker was weighing Chapter 11 bankruptcy or going private.

Lucid quickly denied the report, calling the speculation “completely false” and pointing to its cash position as evidence it can keep operating well into next year.