David Stern, a mysterious businessman and close advisor to former Prince Andrew, played a significant role in the electric vehicle startup Lucid Motors’ funding struggles in 2017. The startup was aiming to secure a Series D funding round, and Stern saw an opportunity to break the deadlock by involving Jeffrey Epstein in the process. Stern, who had been working closely with Epstein for nearly a decade, reached out to Epstein to discuss potential investments in Lucid Motors.
In emails released by the Department of Justice as part of a disclosure of 3 million documents related to Epstein, Stern mentioned to Epstein that Ford was likely to lead a $400 million Series D round in Lucid. He highlighted the financial difficulties faced by Jia Yueting, the founder of rival EV startup Faraday Future, who had quietly amassed a stake in Lucid Motors, hindering new investors from participating.
This wasn’t the first time Stern had pitched investments to Epstein in the EV sector. The documents reviewed by JS revealed that Stern had also discussed potential investments in Faraday Future and another EV startup, Canoo, with Epstein. However, it’s unlikely that Epstein invested in any of these companies, as Lucid closed its Series D round in 2018 with funding from Saudi Arabia’s sovereign wealth fund, and Faraday Future secured a major investment from a Chinese conglomerate.
The relationship between Stern and Epstein sheds light on the connections Epstein had to Silicon Valley startups until his arrest and death in 2019. Stern, described as a “ghost” of a businessman with little information available about him online, had first approached Epstein in 2008 to discuss a fund called AGC Capital aimed at capitalizing on the economic boom in China.
Stern, who had a background in negotiating industrial joint ventures and advising companies on growth strategies in China, had connections with influential Chinese businessmen, including Li Botan, who later became an investor in Canoo. Despite Epstein’s incarceration following his guilty plea in 2008, Stern and Epstein maintained their relationship, with Stern pitching various business ideas to Epstein over the years.
Their collaboration extended beyond business ventures, with Stern even asking Epstein in 2016 to become the godfather of one of his children. While the extent of the success of their business endeavors remains unclear, the documents provide a glimpse into the intricate relationship between Stern and Epstein in the world of startups and investments. In the period between 2009 and 2019, David Stern was instrumental in bringing Jeffrey Epstein several potential business deals spanning various industries. Stern’s initial proposal involved starting a “secret” fund with Epstein to invest in Chinese businesses, which they named JEDS, combining their initials. This venture was also referred to as the “Serpentine Group” in some correspondences. Stern later explored other opportunities with Epstein, such as investing in farmland in Russia, acquiring the news organization Al Jazeera, taking it public, purchasing troubled music publisher EMI, and even considering buying an undersea cable company.
The duo also set their sights on financial institutions, with attempted acquisitions of private bank Sal. Oppenheim and discussions about a potential buyout of Deutsche Bank. Stern showcased his connections with prominent businessmen and politicians by mentioning dinners with Jack Ma, meetings with UAE president Mohamed bin Zayed Al Nahyan, and friendships with the grandson of former Chinese president Jiang Zemin.
By 2017, Stern shifted his focus towards the burgeoning electric vehicle industry. He tried to facilitate a meeting between Epstein and Faraday Future founder Jia to discuss investment opportunities. Additionally, former BMW and Deutsche Bank CFO Stefan Krause approached Epstein in 2017 to pitch an investment in Faraday Future, describing it as a chance to build a better Tesla. However, conversations around this opportunity seemed to fizzle out, leading to Stern proposing an investment in Lucid Motors instead.
Stern presented a pitch deck to Epstein in 2017, outlining a potential acquisition of a 32% stake in Lucid Motors through a fund called Monstera. Despite initial interest, Ford eventually withdrew from the deal, and Lucid had to secure funding from the Saudi Public Investment Fund in 2018. Stern’s involvement in the electric vehicle sector continued as he became one of the original backers of Canoo, a startup founded by Stefan Krause after leaving Faraday Future.
Although Epstein did not invest in Canoo, he did leverage his connections to pitch the startup to influential individuals like Deepak Chopra and Eduardo Teodorani. Unfortunately, Epstein’s arrest in 2019 halted any further business discussions, leaving the fate of Stern’s electric car ventures uncertain. The last communication between Stern and Epstein occurred in March 2019, where Stern forwarded an article to Epstein about Warren Buffet’s views on electric cars, pondering how to involve Buffet in their endeavors. Despite the abrupt end to their business partnership, Stern’s ambitious ventures in the electric vehicle industry continued to evolve. The world of technology is constantly evolving, with new innovations and advancements being made every day. One of the most exciting recent developments in the field of technology is the rise of augmented reality (AR) technology. Augmented reality is a technology that superimposes computer-generated images on the user’s view of the real world, providing a composite view that enhances the user’s perception of reality.
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