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.
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.