Tesla plunges as fresh doubts emerge over privatisation plan

2019 Chevrolet Volt

PIF, the Saudi Arabian sovereign wealth fund that Tesla Inc CEO Elon Musk has said could help him fund a $72 billion deal to take his electric auto maker private, is in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter said on Sunday.

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Lucid Motors, a startup co-founded 11 years ago by a Silicon Valley veteran, is in the spotlight following news reports over the weekend that Saudi Arabia's sovereign wealth fund would be willing to invest $1.5 billion in it, possibly as an alternative to playing a key role in taking Tesla private.

After telling the New York Times that his job was taking a serious emotional toll on him, he spoke to YouTube personality Marques Brownlee, suggesting that it would take "maybe" three years to produce a $25,000 auto. Sorry, Musk wrote around 2:30 a.m.: "It is not" an option.

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Huffington, who sits on the board of Uber, took to her Thrive Global website and posted an open letter to Musk in response to his interview in the New York Times in which he says he works 120-hours-a-week and that the pressures of Tesla have taken an incredible personal toll on him.

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 exchange underscores Musk's determination to lead Tesla through the turmoil that accelerated after his August 7 tweet suggesting he'd secured funding to take the firm private at $420 a share. But features some consumers may want in an automobile aren't necessarily sustainable in an automobile executive.

In an interview with popular YouTuber and Tesla fan Marques Brownlee, the high-profile tech mogul and angel investor spoke to the low-priced version of the EV, while highlighting to auto industry's "insanely competitive" nature. Since Musk first tweeted about going private on August 7, the stock has slid 20 percent, representing a loss of about $13.5 billion. Since then? Silence. There had been talk back in 2016 of a factory in Arizona and of a new headquarters facility in Silicon Valley last fall, but while Tesla has been going through production hell, Lucid seems to have been in suspended animation mode. Ford ultimately moved on.

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