Tesla shares fell 1.5% to U.S. $ 374 in Wednesday's trading after closing 11% higher on Tuesday.
Exactly 48 hours after Elon Musk triggered a frantic rally with a tweet saying he was considering taking Tesla Inc. private, the stock erased all of those gains. Further skepticism came on Thursday following a report from the Wall Street Journal that the US Securities and Exchange Commission (SEC) had "made inquiries" into whether Musk's tweeted claim that funding was secured was in fact truthful, prompting speculation about a potential SEC investigation.
The reported deliberations would be consistent with what six directors said in a statement a day earlier: that they would take "appropriate next steps" to evaluate their chief executive's idea.
If Tesla goes private, there will be some shareholders who aren't happy because of the loss of liquidity compared with that of stock traded daily on a exchange like the Nasdaq Stock Market, Coffee said.
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The tweets intensified the SEC's probe, since it was already investigating his public statements about order volume and revenue, according to reports.
Saudi Arabia's Public Investment Fund (PIF) has taken a stake of less than 5 percent in Tesla, a source familiar with the matter said on Tuesday. 9, Tesla shares have dropped back to near the level they were trading at before CEO Elon Musk tweeted Tuesday that he may take the company private.
Mark Spiegel, a portfolio manager whose Stanphyl Capital Partners has bet millions of dollars on Tesla shares falling, says the market turmoil likely lost money for both short-sellers and people betting on Tesla's upside.
This sudden turn of events could be in favor of both parties, i.e Saudi PIF and Tesla, as Musk has been finding it hard keeping the company's objectives and management focused.
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The agency declined to comment and Tesla did not immediately respond to requests for comment.
Some are speculating the recent moves could all be part of a Musk plot to punish the short-sellers.
"I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible", he said.
Tesla is still working its way out of what Mr Musk called "production hell" at its home factory in Fremont, California, where a series of manufacturing challenges delayed the ramp-up of production of its new Model 3 sedan on which the company's profitability rests.
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In turn, an internal Tesla market could encourage smaller investors to hold onto their stock, lowering the amount of money, which could be tens of billions, that Musk must raise for the buyout. Tesla's stock backtracked by more than 2 percent to close at $370.34. This deal to take Tesla into a private could lead to a rave of fees for the Wall Street.