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.
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.