David Stern pitched Jeffrey Epstein on EV startup investments

Newly disclosed Department of Justice documents reveal that David Stern, a businessman and former advisor to Prince Andrew, repeatedly pitched Jeffrey Epstein on investing in electric vehicle startups. Between 2017 and 2019, Stern sent proposals to Epstein regarding Lucid Motors, Faraday Future, and Canoo. At the time, Lucid was scrambling to raise a Series D—a stage of venture capital funding—which Stern suggested Ford would likely lead as part of a $400m round. Stern also proposed acquiring a stake in Lucid, expecting to spend around $300 million to buy out shares held by Faraday Future founder Jia Yueting, who held around a 30% stake in Faraday Future. Stern detailed this proposal in a pitch deck—a presentation used to pitch a business idea to investors—for a fund he created. However, it is unlikely that Epstein invested in any of these ventures. Lucid eventually closed its Series D in late 2018 with more than $1 billion from Saudi Arabia’s sovereign wealth fund, a state-owned investment fund.

The files, which are part of 3 million documents disclosed by the Department of Justice, detail a relationship spanning nearly a decade between Stern and Epstein. Epstein, a convicted sex offender, died in 2019 following his arrest for soliciting a minor for prostitution. The two maintained a close mentor-mentee dynamic. In the correspondence, Stern, a businessman and advisor to Prince Andrew, described Epstein as “my mentor, and I do what he tells me,” while Epstein referred to Stern as his contact in China. Their business discussions were often blunt; Epstein once warned Stern that doing real deals required precision and care because every error costs a fortune, telling Stern that his first grade was an F.

Stern’s deal-making efforts involved a network of contacts across the US, China, Russia, Malaysia, the UAE, Taiwan, Luxembourg, and Saudi Arabia. His pitches to Epstein spanned various industries, but his interest in electric vehicles intensified by 2017. While Epstein did not invest, Stern contributed $1 million to Canoo. Epstein also pitched the vehicle company to other contacts on Stern’s behalf before Epstein’s arrest and death in 2019.

Why it matters

These documents provide greater insight into the connections between Jeffrey Epstein and Silicon Valley startups, revealing a previously unexplored relationship between Epstein and businessman David Stern.