Tesla stock dipped as much as 2 percent in early trading Monday on news the Saudi Arabia’s sovereign wealth fund has invested $1 billion in rival Lucid Motors.
Musk cited a potential Saudi investment as justification for his controversial take-private tweet in early August and claim that the necessary funding had been secured. Musk and Tesla eventually ended their plans to go private.
The Lucid investment comes a day after Musk blamed outside shops for repair and delivery delays.
Tesla stock had been on a recovery rally, gaining 12 percent last week.
—Reuters contributed to this report.