Lucid, based in South Jordan, based on secondary market sale is now valued at 3 billion

Lucid has closed a secondary investment sale which values the company at 3 billion dollars.

Translation: Someone spent $500 million purchasing existing shares of Lucid. They paid a price which values the whole of Lucid at 3 billion dollars.

It is a sale of existing shares so none of the $500M went into the business, but instead to investors, founders, and early employees etc.