Help Understanding Predicate Logic Statement: "A jolly clown is a tyrant."

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I'm having some trouble working through the translation of the statement "A jolly clown is a tyrant. The book says "this is ambiguous, and to give two rival translations." I don't quite understand why though.

(Using: Jx : x is jolly, Cx : x is a clown, Tx : x is a tyrant).

My first intuition was to go with something like:

$ (\exists x)[(Jx \wedge Cx)\wedge (Tx)] $

(There exists a jolly clown that is a tyrant).

However the portion that says it ambiguous makes me think there is something I'm missing, and that it might be more akin to a conditional... like:

$ (\forall x)[(Cx \wedge Jx) \rightarrow (Tx)] $

(If a clown is jolly then they are a tyant).

Can anyone help me out by letting me know if I'm on the right track? Or provide some advice to my method?