JPMorgan Cuts Tesla Price Target Over Elusive Buyout Funding

Joann Johnston
August 20, 2018

PIF is considering an investment in Lucid Motors, a privately held EV startup, Reuters reports, citing people familiar with the matter.

One analyst said Musk and Tesla investors face a hard dilemma.

Tesla's stock woes are continuing amid worries about the viability of CEO Elon Musk's plan to take the automaker private. Company stock peaked at $379 per share after Musk's tweet about taking Tesla private. The company routinely loses money and is burning through cash as it ramps up development of its Model 3 sedan, a less-expensive electric auto it hopes appeals to the mass market.

The YouTube interview came a day after Musk spoke to NYT about "excruciating" times at Tesla, noting that he "nearly missed his brother's wedding this summer and spent his birthday holed up in Tesla's offices as the company raced to meet elusive production targets on a crucial new model".

An open letter from Huffington, a board member at Uber Technologies, to Musk accused him of "demonstrating a wildly outdated, anti-scientific and horribly inefficient way of using human energy".

"I'm excited to work with Silver Lake and Goldman Sachs as financial advisors, plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisors, on the proposal to take Tesla private", Musk tweeted.

Eye-opening study: Many people flush old contact lenses away
When these microplastics persist in the environment they can be consumed by animals, birds or insects and make their way into the food chain.

Cruise ship fall: Woman rescued after 10 hours in sea off Croatia
Croatian authorities are investigating the incident and have yet to confirm Kay's version of events. The site adds that the cruise offers "tonnes of fun for kids of every age".

Souness: Mourinho is in a 'precarious' position at Manchester United
Jose Mourinho's men had a relatively easy fixture on paper for their second match of the season but failed to grab any points. But the players have to accept some responsibility because they can't hide behind the manager all the time.

In a tweet at 2.32am, after arriving home from a late night at a Tesla factory, Musk told the Huffington Post founder that his electric vehicle company and Ford are the only two American automakers that have avoided bankruptcy.

He later said that meetings with Saudi Arabia's sovereign wealth fund had given him confidence to announce the news.

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.

Huffington's attempted intervention comes at a time when she's been campaigning in support of the benefits of sleep.

California-based Lucid Motors, formerly named Atieva, unveiled a prototype of a luxury sedan the Lucid Air at its unveiling in Fremont, California, U.S., December 14, 2016. Lucid's website is taking refundable $2 500 deposits for the vehicles it plans to eventually sell.

In July 2017, Bloomberg News reported that Lucid had hired Morgan Stanley to raise more money and was considering an outright sale after exploring early-stage takeover talks with Ford Motor Co.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER