Tesla plunged further on Elon Musk's acknowledgment of the hurdles standing in the way of his effort to take the company private and the emergence of another electric-car company attracting interest from a key investor.
The Lucid Air speed test vehicle is displayed at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. "It is not", Musk wrote in a tweet in response to Arianna Huffington, who in an open letter on Friday said Musk and the future of Tesla would be better off if he regularly built in time to "refuel" and "recharge". But from a personal pain standpoint, the worst is yet to come'. "You can't simply power through - that's just not how our bodies and our brains work". He even mentioned that his 47th birthday was spent at the factory. You don't take vacations.
Musk's tweet caused a financial firestorm with Tesla shares immediately skyrocketing by nearly 11 per cent, although in the coming days they lost a good part of what they had gained and tanked further after Musk's interview with the NYT.
On August 7, Musk surprised the investment world with a Twitter announcement that he was considering taking Tesla private and that the funds needed to do so - which some financial analysts estimate at more than $70 billion - were "secured". As we noted before- it appears that funding wasn't actually secured. The trading day closed with the company's stock 11 per cent gain.
Musk conceded in his wide-ranging interview that he's overwhelmed by job stress and sometimes takes Ambien to get to sleep.
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One analyst said Musk and Tesla investors face a hard dilemma.
Tesla shares have plunged by more than 18% over the past week, hitting a three-month low, as the SEC's investigation and a New York Times interview with Musk weighed on investors' minds. It has been burning through cash as it has aggressively ramped up Model 3 production, a process Musk has called "production hell". A large number of investors known as short-sellers have bet against the company.
A deal with Lucid Motors would also be more in line with PIF's limited resources, given that, despite its $250 billion in assets, PIF has already made substantial commitments to other technology companies or investments, including a $45-billion agreement to invest in a giant technology fund led by Japan's SoftBank Group Corp.
Tesla's stock woes are continuing amid worries about the viability of CEO Elon Musk's plan to take the automaker private.