Tesla's stock snapped a four-day losing streak Monday after its share price fell below $300 per share earlier in the session.

Shares of the electric car marker dipped as much as 5.6 percent Monday morning as investors continued to doubt the validity of a privatization proposal by founder Elon Musk.

Shares of the Palo Alto, California-based company fell as low as $288.20 before closing up nearly 1 percent at $308.44.

Earlier Monday, J.P. Morgan slashed its projections for the carmaker, telling clients that while it originally took chief executive Elon Musk's proposal to take the company private at $420 per share seriously, the funding to do so "appears to not have been secured."

The firm pared its year-end price target for Tesla shares back to $195 from $308, representing 36 percent downside to Friday's close.

But while the bearish J.P. Morgan note may have weighed on the stock Monday, investors have had plenty of reason to question the CEO over the past few weeks.

elon tweet

Shares also fell after news broke that PIF, the Saudi Arabian sovereign wealth fund that Musk has said could help him fund an offer to take the car company private, is in talks to invest in rival Lucid Motors, Reuters reported cited sources.

The Securities and Exchange Commission, meanwhile, reportedly served Tesla with a subpoena early last week after Musk's now-infamous privatization tweet.