My guess is employees hold the most shares, that is common in start ups recently gone public.
And I think pump and dump only works for smaller valuation stocks, though in the day of the meme stock it's possible to do so with retail investors with smaller companies like AMC, which is still remarkably high.
I obviously don't know if Lucid is a success, but I do think it is a possibility. I see Rivian has dropped 15% today. The same could happen with Lucid, or worse.
Stock valuations on "theme stocks" don't often make any sense, to me anyway. But I've noticed they can go UP UP UP for quite a few months, or years.