Saudi Investment Fund Eyes Tesla Rival

People familiar with the matter said Sunday that PIF, the Saudi Arabian sovereign wealth fund that Musk has said could help find the billions of dollars needed for the buyout, is in talks to invest in aspiring Tesla rival Lucid Motors.

The unfollowing comes after a hard week in the spotlight for Musk, which sent Telsa stock down almost 20% in seven days.

Musk, who recently said he might take Tesla private, has added to those pressures with lofty projections for profits and production that the automaker often fails live up to. The company routinely loses money and is burning through cash as it ramps up development of its Model 3 sedan, a less-expensive electric vehicle it hopes appeals to the mass market.

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Tesla CEO Elon Musk revealed he is under enormous stress in his work with the company, that he isn't seeing his children, he worked straight through his birthday and nearly missed his brother's wedding this year while finishing production on the Model 3. PIF and Lucid Motors did not immediately respond to requests for comment. Musk, 47, gave an alarming interview to The New York Times in which he said no one reviewed his tweet about taking the company private before he posted it.

Still, the Tesla CEO responded to the letter with a tweet in which he said that Ford Motor Co. and Tesla are the only two American auto companies to avoid bankruptcy.

Huffington claimed that Musk is demonstrating a "wildly outdated, anti-scientific and horribly inefficient way of using human energy". She added in a tweet that the Tesla founder should change the way he works.

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Musk has also said he believes two-thirds of existing Tesla shareholders would roll over their holdings into a private company, rather than cash out, and that he was still talking with major shareholders and advisers before settling on a structure for a deal.

He said in a statement that the Saudi sovereign fund had first contacted him "at the beginning of 2017 to express (their) interest because of the important need to diversify away from oil".

Huffington's attempted intervention comes at a time when she's been campaigning in support of the benefits of sleep.

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It's unlikely Musk has lost much sleep over concerns about Newark, California-based Lucid Motors, whose predecessor Atieva was founded in 2007 by Bernard Tse, a former Tesla executive and board member. Then you'll love the Lucid Air's front fascia. Lucid's website is taking refundable $2,500 deposits for the vehicles it plans to eventually sell. Ford ultimately moved on.