Saudi Investment Fund Eyes Tesla Rival

20 August, 2018, 19:23 | Author: Dominic Spencer
  • Enlarge Image Do you like Robocop? Then you'll love the Lucid Air's front fascia.                  Lucid Motors

Musk has also said he believes two-thirds of existing Tesla shareholders would roll over their holdings into a private company, rather than cash out, and that he was still talking with major shareholders and advisers before settling on a structure for a deal.

On Sunday, the picture became even murkier.

The news is combining to extend the trauma of last week, when Tesla shares slumped 14%, the steepest drop since February 2016.

Tesla stock fell almost 9 percent Friday after Musk gave an emotional, hour-long interview to the New York Times, saying he was under major emotional stress and "this past year has been the most hard and painful year of my career".

In his New York Times interview, Musk had shared that he is putting in long hours at the Tesla factory, which makes him rely on Ambien (a brand of sleeping pill in the USA for treating insomnia) to get some sleep. But features some consumers may want in an automobile aren't necessarily sustainable in an automobile executive.

Still, the Tesla CEO tweeted that Ford and Tesla are the only two American auto companies to have avoided bankruptcy, and dismissed the idea that he was able to cut his workload. References to Ambien use and driving while tweeting are fueling calls for Tesla's board to step up its oversight of the CEO, chairman and largest shareholder.

Musk said that in late July, he met Saudi Arabian sovereign fund representatives to discuss the electric carmaker's possible exit from the stock market.


The disparities between Musk's tweet and his explanation have sparked at least one subpoena from the Securities and Exchange Commission, the US's top stock regulator, a handful of class-action lawsuits from investors, and doubt among sell-side analysts.

"This is why I referred to "funding secured" in the August 7 announcement", he said, referring to his surprise tweet on that date that he was thinking about taking Tesla private.

Huffington's advice was simple: Get some more sleep.

Huffington claimed that Musk is demonstrating a "wildly outdated, anti-scientific and horribly inefficient way of using human energy". Her description accompanying the open letter describes her as a "flat shoe advocate and sleep evangelist". Then you'll love the Lucid Air's front fascia.

It's unlikely Musk has lost much sleep over concerns about Newark, California-based Lucid Motors, whose predecessor Atieva was founded in 2007 by Bernard Tse, a former Tesla executive and board member. It is not clear when this vehicle will become available, though the company is accepting refundable deposits of $2,500 from consumers on its website.

A negative report by JP Morgan is adding pressure on the company's stock.

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