Saudi Arabia May Invest in Aspiring Tesla Rival Lucid Motors

Saudi Arabia May Invest in Aspiring Tesla Rival Lucid Motors

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.

Musk also indicated he had met with the manager of the Saudi wealth fund following the fund's accumulation of 5 percent of Tesla stock and had assumed following the meeting that the fund was ready to back such a bid in its entirety.

Now, however, Saudi Arabia's sovereign wealth fund has become the centre of attention for other reasons after Elon Musk, the founder of Tesla, invoked its name to justify his notorious tweet that he wanted to take the electric vehicle business private. Rather than soaring toward that value, the stock has since plummeted 20% as parts of Musk's story unravel and pressure mounts on Tesla's board for its handling of the iconic CEO. Bears including analysts at J.P. Morgan are now cautioning against the stock on doubts that funding was secured for a take-private transaction, or that there was any formal proposal for such a deal.

Saudi Arabia's sovereign wealth fund, PIF, recently made headlines when Elon Musk said they would potentially provide the funding to take Tesla private.

It follows an interview with the New York Times last week, in which Musk said he sacrificed family milestones in the race to meet Tesla production targets.

Shots fired outside US Embassy in Turkey
Also Monday, Turkey filed a complaint about the USA tariffs at the World Trade Organization, the WTO said. The Ankara govenor's office said in a statement that three bullets hit an iron door and a window.

Pete Davidson pulled over, passenger arrested for drug possession
The Florida-born beauty also revealed she wants three children with the Saturday Night Live star, and will exchange vows with him sometime in the next five years.

British woman rescued after spending 10 hours in Adriatic Sea
The 46-year-old woman gave her name as Kay during a brief appearance on Croatian television before she was taken to an ambulance. A British cruise passenger was rescued after falling into the sea from a cruise ship off the coast of Croatia.

"But to do so means destroying the techno hype that has fueled Tesla toward equity valuation, enabling Musk to burn through billions in debt and equity capital based upon a promise of "green" transportation", he stated in a blog post. Rather, Musk explained he was led to believe that "no other decision makers were needed and that they were eager to proceed".

The bank cut its price target to $195 - 35% below its current level - after realizing no funding had actually been secured.

According to a report from the Wall Street Journal, a recent survey sent by an automotive supplier association to executives of Tesla suppliers found that 18 of the 22 companies surveyed believe that Tesla poses a financial risk to their companies. But I didn't walk away from it thinking, . A large number of investors known as short-sellers have bet against the company.

Huffington implored him in her post on Friday, 'You can't simply power through - that's just not how our bodies and our brains work'.

He said, "The worst is over from a Tesla operational standpoint, but from a personal pain standpoint, the worst is yet to come".

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