Tesla stock dips as Elon Musk weathers ongoing turmoil

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Vertical Research Group's Gordon Johnson, a long-time critic of the company, said the probability of Tesla being taken private was less than 10 per cent, and called the process a "waste of time".

A Tesla electric auto supercharger station is seen in Los Angeles, California, U.S. August 2, 2018.

Slashing its price target for Tesla Inc (TSLA.O) from $308 to $195, the brokerage said it did not believe Chief Executive Officer Elon Musk had funds for a plan announced by a tweet that said "funding secured" two weeks ago.

According to Musk, "two thirds" of Tesla's current stockholders would be interested in continuing to hold the firm's shares once it goes private.

Musk, a 47-year-old investor and engineer, stunned financial markets earlier this month, when he revealed on Twitter he was considering a $420 per share take-private deal for Tesla, an auto manufacturing pioneer that developed the world's first ever premium all-electric sedan vehicle. The Saudis' Public Investment Fund, which recently bought an nearly 5% stake in Tesla, was reported to be in talks for a separate $1 billion investment in Lucid Motors that would give the fund control of that fledgling automaker.

Musk added that his electric vehicle company and Ford are the only two American automakers that have avoided bankruptcy.

Mahindra's message was a response to the South African's recent interview with The New York Times, wherein Musk admitted that stress and heavy work were taking a toll on him.

Being CEO of one of the most promising companies in the world is not exactly an easy task, let's take the example of Elon Musk. PIF and Lucid have not discussed any talks publicly.

Tesla shares hit $380 on 7 August following Mr Musk's tweet, but have continued to fall since then.

Saudi Arabia's wealth fund already owns a five-percent stake in Tesla.

In the wake of the now-famous tweet, rapper Azealia Banks reportedly spent a weekend at Musk's house while waiting to work on a collaboration with Grimes, which is where things get even more complicated, but more on that later. Lucid's website is taking refundable $2 500 deposits for the vehicles it plans to eventually sell.

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