DOJ Documents Reveal Jeffrey Epstein's Involvement in EV Startup Investment Schemes Including Lucid Motors and Canoo
Recently disclosed Department of Justice documents containing approximately 3 million files related to Jeffrey Epstein have revealed previously unknown connections between the convicted sex offender and several prominent electric vehicle startups, including Lucid Motors, Faraday Future, and Canoo.
The documents expose the role of David Stern, a German businessman and former advisor to Prince Andrew, who served as an intermediary between Epstein and various Silicon Valley ventures during the height of the EV industry boom from 2017 to 2019.
The Lucid Motors Opportunity
In 2017, Lucid Motors was actively pursuing a $400 million Series D funding round with Ford positioned as the potential lead investor. However, the round faced significant obstacles due to Jia Yueting, founder of rival startup Faraday Future, who had accumulated approximately 30% stake in the company and was effectively blocking new capital injections.
Stern identified this deadlock as an investment opportunity and approached Epstein with a proposal. According to email correspondence, Stern pitched acquiring Jia's stake at what he characterized as a "fire sale" price of around $300 million for 32% ownership, noting that Jia was experiencing severe liquidity issues at Faraday Future and needed to "sell now to make payroll for his other business."
Pattern of EV Investment Pitches
The Lucid Motors deal represented just one element of Stern's broader strategy to position Epstein as an investor in the emerging electric and autonomous vehicle sector. Additional startups pitched to Epstein included:
• Faraday Future - Direct appeal made by former BMW and Deutsche Bank CFO Stefan Krause in April 2017, describing it as a "great chance to build a better Tesla"
• Canoo (initially Evelozcity) - Founded by Krause after leaving Faraday Future, with Stern as a founding investor contributing $1 million
Investment Outcomes
Evidence suggests Epstein ultimately did not invest in any of these ventures:
• Lucid Motors closed its Series D in August 2018 with over $1 billion from Saudi Arabia's Public Investment Fund after Ford withdrew
• Faraday Future secured major investment from Chinese real estate conglomerate Evergrande in late 2017
• Epstein explicitly stated in 2018 correspondence that he had no "direct" or "indirect" interest in Canoo
The Stern-Epstein Relationship
The documents reveal a complex business relationship spanning nearly a decade, beginning in 2008 when Stern first approached Epstein about investing in AGC Capital, a fund focused on Chinese economic opportunities. Despite Epstein's guilty plea to soliciting a minor for prostitution shortly after their initial contact, the relationship deepened over subsequent years.
Stern's professional background included positions at Siemens, Deutsche Bank's Shanghai office, and Millennium Capital China. He leveraged connections with high-ranking Chinese officials and businessmen, including Li Botan, son-in-law of a senior Chinese Communist Party leader under Hu Jintao.
The relationship evolved from formal business dealings to a mentor-mentee dynamic, with Stern referring to Epstein as "my mentor, and I do what he tells me" in correspondence. Stern even requested Epstein serve as godfather to one of his children in 2016, which Epstein declined.
Broader Business Activities
Beyond EV startups, the documents show Stern pitched Epstein on numerous ventures across multiple sectors:
• Establishing a joint investment fund called "JEDS" or "Serpentine Group" focused on Chinese businesses
• Acquiring farmland in Russia
• Purchasing and taking Al-Jazeera public
• Buying troubled music publisher EMI
• Acquiring an unnamed undersea cable company
• Attempted acquisition of Luxembourg-based private bank Sal. Oppenheim
• 2016 discussions regarding a Deutsche Bank buyout
Network Leverage and Final Pitches
Even without direct investment, Epstein leveraged his network on Stern's behalf regarding Canoo. In 2018-2019, he connected Stern with:
• Deepak Chopra - Pitched integration of "next gen health sensors" into vehicles
• Eduardo Teodorani - Senior VP at agriculture machinery giant CNH
• Sheikh Jabor al Thani - Member of Qatari royal family
The final documented communication between the two occurred in March 2019, when Stern forwarded an article about Warren Buffett's views on electric vehicles with the message: "How do we get him ??"
Epstein was arrested in July 2019 and died in prison one month later. Stern's role as director of Prince Andrew's Pitch@Palace startup competition ended after Andrew's connections to Epstein became public knowledge.
Sources:
U.S. Department of Justice - Epstein Document Release
