Prince Andrew’s Advisor Sought Epstein’s Investment in EV Startups
In 2017, Lucid Motors, an emerging electric vehicle (EV) manufacturer, was actively seeking a Series D funding round. The company had engaged Ford as a potential lead investor for a $400 million investment. However, Jia Yueting, the founder of competing EV startup Faraday Future, had quietly acquired approximately a 30% stake in Lucid, effectively obstructing new investors from entering the fray.
David Stern, a businessman with close ties to Prince Andrew, identified this as an opportunity to involve financier Jeffrey Epstein. Stern communicated to Epstein that Ford was likely to lead the Series D funding for Lucid, describing it as a significant strategic move. He highlighted Jia’s substantial financial difficulties at Faraday Future, noting that Jia needed to sell his stake in Lucid to meet payroll obligations for his other ventures.
This was not the first instance where Stern proposed EV startup investments to Epstein. According to documents reviewed by TechCrunch, Stern had previously pitched investments in Faraday Future and Canoo, another EV startup. These discussions occurred during a period when both established automakers and new startups were entering the electric and autonomous vehicle markets, inspired by Tesla’s success and advancements in self-driving technology.
Despite these proposals, it appears unlikely that Epstein invested in any of these companies. Lucid Motors eventually secured over $1 billion from Saudi Arabia’s sovereign wealth fund in late 2018. Faraday Future received a significant investment from Chinese real estate conglomerate Evergrande in late 2017. In a 2018 message included in the Department of Justice’s files, Epstein stated that he had no direct or indirect interest in Canoo.
These interactions shed light on Epstein’s connections to Silicon Valley startups up until his arrest and subsequent death in 2019. They also reveal the extent of the relationship between Epstein and Stern, which had been ongoing for nearly a decade by the time of the Lucid Motors discussions.
David Stern remains an enigmatic figure with limited public information available prior to the release of these documents. He is perhaps best known for directing Prince Andrew’s Pitch@Palace startup contest, which operated for several years until Andrew’s connections to Epstein were exposed. In a 2010 email, Prince Andrew referred to Stern as a ghost.
Stern’s initial contact with Epstein appears to have been in 2008, just a month before Epstein pleaded guilty to soliciting a minor for prostitution in Florida. Stern was establishing a fund called AGC Capital, aimed at capitalizing on China’s economic boom, and sought Epstein’s investment. The exact nature of their introduction remains unclear, and Stern did not respond to inquiries for this article.
A German national, Stern attended the University of London and Shi-Da University in China in the late 1990s. He served as chairman of China Millennium Capital, the Chinese arm of Millennium Capital Partners, according to the AGC Capital pitch deck found in the Department of Justice’s files. Stern also worked for Siemens, negotiating industrial joint ventures with Chinese state-owned enterprises, before joining Deutsche Bank’s Shanghai office. In 2001, he founded Asia Gateway, advising blue-chip companies, Chinese enterprises, and the Chinese government on growth strategies and investments.
These roles enabled Stern to forge connections with influential Chinese businessmen, including Li Botan, the son-in-law of a senior Chinese leader under President Hu Jintao. Li later became a founding investor in Canoo alongside Stern.
It remains uncertain whether Epstein invested in AGC Capital, as he spent the following year serving his sentence. However, Stern and Epstein maintained contact, and in 2009, Stern began proposing other business ventures. Their relationship evolved from formal and terse to more collaborative over the next decade. In 2016, Stern even asked Epstein to be the godfather of one of his children, a request Epstein declined due to a prior commitment.
Between 2009 and 2019, Stern presented Epstein with various potential deals across multiple industries. Early on, he was keen on establishing a secret fund with Epstein to invest in Chinese businesses, referred to as JEDS—an acronym combining their initials. They also considered purchasing farmland in Russia, acquiring the news organization Al Jazeera and taking it public, buying troubled music publisher EMI, and acquiring an unnamed undersea cable company.
Their interests extended to the banking sector as well. Stern and Epstein attempted to purchase Luxembourg-based private bank Sal. Oppenheim and, in 2016, discussed a buyout of Deutsche Bank, which had previously transacted with Epstein.
Stern frequently highlighted his connections with high-profile businessmen and politicians in his communications with Epstein and others. In February 2012, Stern suggested that Epstein introduce Jes Staley, then head of J.P. Morgan’s investment bank, to Malaysian politician Anwar Ibrahim. Stern noted his acquaintance with Anwar and suggested that if Anwar became Malaysia’s prime minister, it could be highly beneficial for J.P. Morgan. Anwar lost a contested election in 2013 but became prime minister in 2022.
Stern also claimed to have dined with Jack Ma, planned a private meeting with UAE President Mohamed bin Zayed Al Nahyan, and stated he was friends with the grandson of former Chinese President Jiang Zemin.
These revelations provide a deeper understanding of the intricate web of relationships between Epstein, Stern, and various global business and political figures, as well as their involvement in the burgeoning electric vehicle industry during a pivotal time.
