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| Tesla hit by doubts over Elon Musk's delisting plan | Tesla hit by doubts over Elon Musk's delisting plan |
| (about 1 hour later) | |
| Tesla shares remained volatile on Monday amid doubts about Elon Musk's ability to take the company private. | Tesla shares remained volatile on Monday amid doubts about Elon Musk's ability to take the company private. |
| Shares in the electric car maker started trade down more than 4%, but recovered to close in positive territory. | Shares in the electric car maker started trade down more than 4%, but recovered to close in positive territory. |
| The shares have dropped by about a fifth since Mr Musk revealed his proposal in a tweet on 7 August. | The shares have dropped by about a fifth since Mr Musk revealed his proposal in a tweet on 7 August. |
| Some analysts predict Tesla has further to fall: JPMorgan Chase has cut its price target from $308 to $195. | Some analysts predict Tesla has further to fall: JPMorgan Chase has cut its price target from $308 to $195. |
| The bank's analysts cited doubts about Mr Musk's claims to have secured funding for his plan to take the firm private. | The bank's analysts cited doubts about Mr Musk's claims to have secured funding for his plan to take the firm private. |
| "Tesla does appear to be exploring a going private transaction, but we now believe that such a process appears much less developed than we had earlier presumed (more along the lines of high level intention)," said Ryan Brinkman at JP Morgan. | "Tesla does appear to be exploring a going private transaction, but we now believe that such a process appears much less developed than we had earlier presumed (more along the lines of high level intention)," said Ryan Brinkman at JP Morgan. |
| The bank had raised its forecast following Mr Musk's tweet, which he later said was based on discussions with Saudi Arabia's sovereign wealth fund. | The bank had raised its forecast following Mr Musk's tweet, which he later said was based on discussions with Saudi Arabia's sovereign wealth fund. |
| However, Mr Brinkman said it was now clear that the fund's commitment remained uncertain: "Formal incorporation into our valuation analysis seems premature at this time." | However, Mr Brinkman said it was now clear that the fund's commitment remained uncertain: "Formal incorporation into our valuation analysis seems premature at this time." |
| Tesla shares hit almost $380 on 7 August following Mr Musk's tweet, but have continued to fall since then. | |
| They opened below $293 on Monday - off by more than 4% - but regained ground over the course of trading to close at about $308, up almost 1%. | They opened below $293 on Monday - off by more than 4% - but regained ground over the course of trading to close at about $308, up almost 1%. |
| The slide this month has been good news for short sellers, who bet that Tesla's share price will fall. | The slide this month has been good news for short sellers, who bet that Tesla's share price will fall. |
| In recent years, their holdings have declined in value as the share price rose sharply. | In recent years, their holdings have declined in value as the share price rose sharply. |
| Since the now infamous tweet, the value of their holdings has risen by more than $1.2bn, according to S3 Partners, a New York research firm. | Since the now infamous tweet, the value of their holdings has risen by more than $1.2bn, according to S3 Partners, a New York research firm. |
| Mr Musk has a well-known dislike of short sellers, whom he has called "jerks who want us to die" and argued that taking Tesla off the stock exchange would shield it from their attacks. | Mr Musk has a well-known dislike of short sellers, whom he has called "jerks who want us to die" and argued that taking Tesla off the stock exchange would shield it from their attacks. |