And there goes Elon Musk's credibility as a CEO.
Tesla (TSLA) said in a late-night post on Friday that it will not be going private.
"Over the past several weeks, we put in place a process led by a Special Committee of the Board to evaluate a proposal Elon was considering to take Tesla private. Yesterday, we held a Board meeting, during which Elon reported on the work he and his advisors have been doing in connection with this effort. Elon communicated to the Board that after having done this work and considered all factors, he believes the better path is to no longer pursue a transaction for taking Tesla private. After discussing this, we dissolved the Special Committee. The Board and the entire company remain focused on ensuring Tesla's operational success, and we fully support Elon as he continues to lead the company moving forward."
Musk sent Twitter ablaze on Aug. 7 by tweeting funding for a deal had been secured. Since then, Musk has seemingly had a near breakdown in a New York Times interview and the SEC launched a probe into the tweet. At Friday's close of $322, Tesla's shares have stayed below Musk's proposed $420 take private price.
More on Tesla's future from TheStreet.