Published: Tue, August 21, 2018
Culture&Arts | By Rick Owen

Tesla shares on sick list amid Musk health fears

Tesla shares on sick list amid Musk health fears

Skimping out on a healthy work-life balance may be the key to running a successful vehicle company nowadays, at least in the mind of Tesla CEO Elon Musk.

He then added, in an apparent reference to his long hours at work: 'You think this is an option.

Adding to the stock's woes, Reuters reported exclusively over the weekend that Saudi Arabia's sovereign wealth fund ー the fund that Musk said may help him fund the buyout of Tesla shareholders ー is actively discussing an investment in Lucid Motors, a start-up positioning itself as a rival to Tesla.

The bearish analysis followed a report Sunday that Saudi Arabia's sovereign wealth fund - the very investor that Musk has described as a linchpin of his plan to take Tesla private - was considering buying a stake in another USA electric-car company.

Musk tweeted his reply at 2:32 a.m. Sunday, per The Los Angeles Times: "Ford & Tesla are the only 2 American auto companies to avoid bankruptcy".

As to Tesla's reasoning, Musk earlier this year said that it all comes down to generating as much cash in the short-term as possible.

Last week, Musk's emotional interview with the New York Times also triggered a sell-off in Tesla's stock. And, perhaps in a ideal illustration of her point, Musk responded at 2:30 a.m. on Sunday, shortly after clocking off from a shift at the Tesla factory.

Musk is responding to a letter from Huffington on Friday in which she called on him to take more time to "refuel and recharge".

Musk sparked controversy by tweeting on August 7 that he had "funding secured" to take Tesla private.

Tesla has marketed its top-of-the-line models that boast head-snapping acceleration as having "Insane" and "Ludicrous" modes.

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. In his interview with the Times, Musk said he sacrificed family milestones in the race to meet Tesla production targets.

On Monday, JPMorgan said Tesla shares would continue to fall for the rest of 2018 following Musk's announcement about taking Tesla private, according to CNBC.

Lucid first announced in November 2016 that it chose Arizona as the home for a $700 million manufacturing facility. Ford ultimately moved on.

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