Telsa Inc.'s (TSLA) rough weekend has extended into Monday.
JPMorgan on Monday, Aug. 20, slashed Tesla's price target to $195 from $308, saying that it appeared "funding has not been secured" for CEO Elon Musk's proposal to take the electric vehicle maker private. The analysts initially had boosted Tesla's price target after a tweet from Musk on Aug. 7, said he was considering taking Tesla private.
The price slash came after a report over the weekend that Saudi Arabian sovereign wealth fund, PIF -- Musk said he believed Saudi Arabia's PIF could provide the necessary funding -- was planning to sink $1 billion into Tesla competitor Lucid Motors Inc., a company that was started by an ex-Tesla board member.
Tesla shares were down slightly when the market closed.
Ever since Musk's tweet earlier this month, the CEO has had some up and down moments.
In a tweet on Sunday, Musk responded to Ariana Huffington, who had said in a blog post that Musk wasn't working effectively.
Musk responded, "You think this is an option. It is not," adding that Ford Motor Co. (F) and Tesla were the only two American car companies to avoid bankruptcy.
Dear Elon, please change the way you work to be more in line with the science around how humans are most effective: You need it, Tesla needs it and the world needs it. https://t.co/vy6hdnYKzt— Arianna Huffington (@ariannahuff) August 17, 2018
Ford & Tesla are the only 2 American car companies to avoid bankruptcy. I just got home from the factory. You think this is an option. It is not.— Elon Musk (@elonmusk) August 19, 2018
The tweets between the media mogul and CEO came after Musk sat down with The New York Times on Friday, Aug. 17, and gave a sometimes tearful interview where he claimed he was working 120 hours a week.