Musk defends relentless schedule as Tesla enters fateful week

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The bearish analysis followed a report on Sunday that Saudi Arabia's sovereign wealth fund - the very investor that Musk has described as a linchpin of his plan to take Tesla private - was considering buying a stake in another United States electric-car company.

Tesla Motors Inc Chief Executive Elon Musk pauses during a news conference in Tokyo September 8, 2014.

Musk, a 47-year-old investor and engineer, stunned financial markets earlier this month, when he revealed on Twitter he was considering a $420 per share take-private deal for Tesla, an auto manufacturing pioneer that developed the world's first ever premium all-electric sedan vehicle.

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.

A person with direct knowledge of the matter told Reuters last week that the SEC has opened an inquiry related to Musk's tweets on the buyout and the billionaire is also facing a class action suite from investors who lost money in the share moves. But they might be considering a separate investment with a different EV startup, too. A spokesman for Musk declined to comment, and a representative for Grimes did not immediately respond to a request for comment.

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Huffington claimed that Musk is demonstrating a "wildly outdated, anti-scientific and horribly inefficient way of using human energy".

Musk added that his electric vehicle company and Ford are the only two American automakers that have avoided bankruptcy. He later said that meeting with Saudi Arabia's sovereign wealth fund had given him confidence to announce the news.

"I'm excited to work with Silver Lake and Goldman Sachs as financial advisors, plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisors, on the proposal to take Tesla private", Musk tweeted. Analysts say Musk hasn't secured the funding. Her description accompanying the open letter describes her as a "flat shoe advocate and sleep evangelist". Reuters reported the sovereign wealth funds has drawn up a term sheet with Lucid and is prepared to invest an initial $500 million and then issue further cash injections in two stages, provided that Lucid hits certain production milestones. It is not clear when this vehicle will become available, though the company is accepting refundable deposits of $2,500 from consumers on its website.

A negative report by JP Morgan is adding pressure on the company's stock.

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