It’s been a rough 48 days for luxury EV maker Lucid, which fell to a fresh all-time low on Monday following a price target cut by analysts at Stifel.

Stifel lowered its Lucid price target to $17, from $21, with analyst Stephen Gengaro writing that the company will likely require additional capital over the next few years. According to Stifel’s note, published Monday, Lucid’s production is improving but it’s still in the “prove-it-to-me” stage, and vehicles that could elevate sales volumes are “likely two years away.”

Last week, Lucid announced that it plans to raise $875 million through a private offering of convertible senior notes due in 2031. The company lowered its production outlook and reported negative free cash flow of $955 million in its third quarter.

Since the end of the EV tax credit on September 30 — which Lucid’s pricey vehicles only qualified for through leasing loopholes — its shares are down more than 40%. Zooming out, Lucid’s stock has shed 98% of its value from its 2021 highs amid peak electric vehicle optimism.

Peter Thiel’s hedge fund, Thiel Macro, has cut its stake in Elon Musk’s Tesla by 76%, according to new filings. At the end of Q3, it held 65,000 shares of the stock, down from 272,613 at the end of Q2. Thiel and Musk are longtime friends who famously cofounded PayPal together and are part of the so-called PayPal Mafia.

The filing also showed that Thiel Macro exited its entire position in Nvidia. The fund’s top holdings are now Apple, Microsoft, and Tesla, valued at roughly $20 million, $25 million, and $29 million, respectively.

“Hang on to your Tesla stock,” Musk recently told investors at the company’s annual shareholder meeting, where they approved his $1 trillion pay package. Thiel, or at least the fund bearing his name, apparently didn’t listen.

Novo Nordisk slashed the cash-pay price for starting doses of its diabetes and weight-loss shots, Ozempic and Wegovy, in a bold move to boost sales after it’s lost ground in the GLP-1 market to Eli Lilly and compounders.

Starting Monday, the introductory doses for self-pay patients will be priced at $199 a month, the Danish pharmaceutical giant said. That’s about the same price as the copycat versions sold by Hims & Hers and others.

After the first two months of treatment, a monthly dose of Novo’s shots goes up to $349 a month, compared to the $499 monthly price tag the shots previously had. Eli Lilly’s cash-pay price for a low dose of its weight-loss shot Zepbound is $349 a month, rising to $499 for higher doses.

The shots are available online via Novo’s direct-to-consumer pharmacy, NovoCare, as well as through its partners, which include Costco and telehealth companies like Ro and Weight Watchers. Novo and Lilly have embraced DTC sales channels in the past year as a way to cut out middlemen and reduce prices for patients not using insurance.

Novo, which was the first to bring GLP-1s to market, has been outpaced in sales by Lilly this year. It’s been competing with Lilly’s more effective drugs, as well as cheaper compounded versions made by companies like Hims.

Both Lilly and Novo reached a deal with the Trump administration to cut the price of their blockbuster drugs starting next year.

What do Peter Thiel and Masayoshi Son have in common?

Both are no longer owners of the world’s most valuable publicly traded company.

A 13F filing showed that the Silicon Valley luminary’s hedge fund had exited its holdings of Nvidia, which it had owned since Q4 2024, at the end of Q3. This was Thiel Macro’s second-largest equity position at the end of Q2 per filings, trailing only Tesla.

Last week, SoftBank revealed that it had divested its stake in Nvidia in October as it prepares to finance a larger equity position in ChatGPT maker OpenAI, a move that CFO Yoshimitsu Goto said had “nothing to do with Nvidia itself.”

Shares of the chip designer, which is scheduled to report earnings after the close on Wednesday, are down about 1.5% as of 8:15 a.m. ET.