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Elon Musk abandons plan to take Tesla private

Elon Musk said late Friday that he has given up on plans to take Tesla private.

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By
Jethro Mullen
(CNN MONEY) — Elon Musk said late Friday that he has given up on plans to take Tesla private.

The billionaire entrepreneur stunned investors earlier this month when he tweeted that he had secured funding to delist the electric carmaker.

The shock announcement sent Tesla's stock on a wild ride, reportedly drawing scrutiny from regulators and lawsuits from investors. Musk, the company's CEO, also faced increasing skepticism that he could pull off the move.

"I met with Tesla's board of directors yesterday and let them know that I believe the better path is for Tesla to remain public," Musk said in a statement posted on Tesla's website Friday. "The board indicated that they agree."

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