The exchange underscores Musk's determination to lead Tesla through the turmoil that accelerated after his Aug. 7 tweet suggesting he'd secured funding to take the firm private at $420 a share. Rather than soaring toward that value, the stock has since plummeted 20 percent -- dipping blow $300 in early trading Monday -- amid an unraveling of parts of Musk's story unravel and mounting pressure on Tesla's board for its handling of the iconic CEO.
Nothing will get easier this week as he and Tesla's board align with their separate sets of legal and financial advisers, all amid inquiries from U.S. securities regulators.
On Sunday, the picture became a little more complicated. Saudi Arabia's sovereign wealth fund -- the very investor that Musk described as a linchpin of his plan to take Tesla private -- was reported by Reuters to consider buying a stake in another U.S. electric-car company. The Saudis' Public Investment Fund, which recently bought an almost 5 percent holding in Tesla, was reported to be in talks for a separate $1 billion investment in Lucid Motors Inc. that would give the fund control of that fledgling automaker.
A Lucid spokeswoman declined to comment, and representatives for the Saudi fund couldn't immediately be reached for comment on the Reuters report, which cited people familiar with the talks without identifying them.
While Tesla and Lucid aren't at all on the same level -- Lucid has only shown electric-car prototypes, whereas Tesla produces thousands of cars a month -- the prospect of controlling Lucid may have appeal to the Saudis. Part of their goal is to diversify away from the oil industry.