Tesla shares slip after company decides to stay public

Elon Musk Abandons Plan to Take Tesla Private Two Weeks After Bombshell TweetMore

Investors now must brace for another potential wild ride when USA trading opens Monday, while regulators and lawyers autopsy what happened to a deal potentially valued at US$82 billion and Tesla's board is left with a brilliant but exhausted and erratic chief executive officer.

Musk said in a late-Friday blog post that he and Tesla's board agreed Thursday to scrap plans he had hinted at in an August 7 tweet that claimed he had "funding secured" to take Tesla private at $420 a share.

The following Securities and Exchange Commission (SEC) investigation didn't help Elon's cause, further jeopardizing the financial future of the company.

"Historically, we have been able to generate significant media coverage of our company and our vehicles, and we believe we will continue to do so", Tesla said in its most recent 10-K.

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At the time, Musk said funding had been secured, though he later revealed in a blog post that there was no concrete deal in place and, in fact, he was still open to talking with other investors.

According to the report, the new institutional investors would want greater control of the company. On top of that, there were concerns about potential fallout from shareholder lawsuits and the SEC investigation, the people said.

The case is Wochos v Tesla Inc et al, U.S. District Court, Northern District of California, No. 17-05828.

With Musk's idea of a buyout backed by Saudi Arabia's sovereign wealth fund off the table, investors will focus on Tesla's efforts to become profitable, the company's cash reserves and what steps Musk could take to raise fresh capital. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was 'please don't do this, '" Musk wrote. Was it the advice of equity firm Silver Lake, or investment juggernaut Goldman Sachs? Leaving ownership as is puts the scrutiny back on Musk's all-consuming work style, the company's tricky cash position, its ability to meet mass-market production goals, and the independence and oversight of Tesla's board. People close to Musk have said that he might have been "overly simplistic" in his thinking, the New York Times suggests.

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