Tesla nears three-month low as JPMorgan adds to deal doubts

Sergio Cunningham
August 20, 2018

Company stock peaked at $379 per share after Musk's tweet about taking Tesla private.

Only a few hours before sunrise in California on Sunday, Musk said he'd just gotten home from the electric-car factory where he has toiled - and often slept - for months to ramp up Model 3 sedan production.

As reported by Inverse, Musk, not the one to ignore tweets directed towards him, made a decision to keep it short and tweeted that Ford & Tesla are the only 2 American auto companies that have avoided bankruptcy, pointing to the contribution of all the long hours being put into work to ensure that.

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". Sorry, Musk wrote around 2:30 a.m.: "It is not" an option. But features some consumers may want in an automobile aren't necessarily sustainable in an automobile executive.

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

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He later said that meetings with Saudi Arabia's sovereign wealth fund had given him confidence to announce the news. Musk said Tesla approached Facebook COO Sheryl Sandberg, but she presumably knocked the company back given she is still at Facebook. Last week, the Securities and Exchange Commission sent the company a subpoena regarding the statement.

According to The Verge, Musk said in the YouTube interview that he hoped to scale production at Tesla and lower their design and technology costs enough to be able to offer a truly mass-market electric vehicle. Taking Tesla private would require considerably more capital than the $1 billion needed to take over Lucid and sources close to the wealth fund say decision-makers have shown very little interest in the deal. Her description accompanying the open letter describes her as a "flat shoe advocate and sleep evangelist".

While JP Morgan has adopted a critical stance on Tesla, Oppenheimer & Co Inc senior analyst Colin Rusch maintained a more optimistic outlook on the company, stating that Tesla's fundamentals are starting to get better.

Earlier this week, Musk confirmed that he is closely working with Goldman Sachs and private-equity firm Silver Lake to take the electric carmaker private - a deal that would need almost $70 billion in funding. Ford ultimately moved on.

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