JEDDAH: US-based hedge fund Third Point joined the Saudi Abdul Latif Jameel group in profiting by about $300m on its stake in Rivian. Rivian, which makes pickups and vans and is backed by Amazon and Ford, jumped from their offer price of $78 to more than $170 last week, according to the Financial Times. The shares have since fallen back to $118, affected by Ford scrapping its plans to build an electric vehicle using Rivian’s technology. The biggest winner for Loeb’s fund this year has been Upstart Holdings, an AI lending platform that launched at the end of 2020 and went up 400 percent this year. The second biggest winner is cybersecurity company SentinelOne, whose initial public offering was this summer, the Financial Times reported. ALJ isn’t the only Saudi investor to benefit from an early investment in an electric vehicle manufacturer, as the Kingdom’s Public Investment Fund put $1 billion into Lucid Group in 2018, followed by a further $600 million this year, as the firm went public through a merger with a special purpose acquisition company.