Tesla’s stock price fell below $300 per share during premarket trading Monday as investors in the electric automaker continued to doubt the validity of a privatization proposal by its founder Elon Musk.

J.P. Morgan slashed its projections for the carmaker Monday morning, telling clients that while it originally took chief executive Elon Musk’s proposal to take the company private seriously, the funding to do so “appears to not have been secured.”

The firm pared its December 2018 price target for Tesla shares back to $195 from $308, representing 36 percent downside to Friday’s close.

Musk admitted last Thursday in an emotional interview with The New York Times that the past year has been taxing for him, blaming so-called short-sellers — investors betting against the company — for much of his stress. Tesla shares tumbled 9 percent to $306 the day following the interview.

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