In a dramatic U-turn, Elon Musk said late Friday that he has given up on his plan to take Tesla private. Musk said his change of heart came after talking to Tesla investors and realizing that taking the company private would be harder than he originally thought. Tesla's stock jumped 11% on August 7, the day Musk first tweeted about his plan to take the company private. Questions over 'funding secured' tweetMusk's announcement that he has abandoned the plan to go private is unlikely to be the end of the saga. The Securities and Exchange Commission is reportedly looking at Musk's August 7 tweet in which he said he had "funding secured" to take Tesla private.

Source: CNN August 25, 2018 05:07 UTC