Mubasher:Tesla has been facing a hard time, especially after its CEO Elon Musk stated earlier that he is considering taking the company private.
What has aggravated the US automaker’s situation are reports regarding talks conducted by the Saudi’ Public Investment Fund (PIF) to inject $1 billion investment in Lucid Motors, a rival to Tesla, according to Reuters.
The Fund was reportedly offering to finance Musk's going private plan.
“Our interpretation of subsequent events leads us to believe that funding was not secured for a going private transaction, nor was there any formal proposal,” JPMorgan analyst Ryan Brinkman, commented, quoted by Reuters.
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