Elon Musk wanted to escape the control of public investors. Instead, he made a play of himself.
Over 17 volatile days spellbound by two startling and unconventional announcements on Twitter, Musk overturned the trajectory of its electric car company, Tesla ( questioned and raised public concerns about his leadership. Late on Friday, he announced that he would not take Tesla privately by reversing his announcement on August 7 that he was "considering the move" and securing funding for it. )
Over the past decade, the CEO of Tesla and SpaceX has been hailed as one of the industry's most dynamic technology innovators. He has gained loyal followers for his hardworking leadership style and has been trying to disrupt the rocket, automotive and energy industries.
But he has repeatedly raised his eyebrows with his antics. Especially the past year was characterized by erratic behavior. Musk fired nightly tweets, dismissed analysts, vilified a man who helped save boys trapped in a cave in Thailand, and saved with journalists. He vowed to found a website called Pravda to criticize the media.
Recently, in an emotional interview with the New York Times, he spoke of his personal turmoil.
From a business perspective, the past few weeks have been among the best studied in Tesla's history.
Aug. 7 : In the middle of the trading day, Musk says on Twitter that he "was considering" taking Tesla privately at $ 420 a share. "Financing secured," he wrote.
The company's share price rose immediately. The trade was stopped for more than an hour before closing by 1
A Musk blog post stated that he wants Tesla to be free of stock market bills and short sellers (or investors wagering) against Tesla) that Musk has been thinking about for a long time.
Musk's movement broke with the Wall Street Convention. Businesses typically make big announcements for timely press releases.
Aug. 8 : The Wall Street Journal reports that the regulators of the Securities and Exchange Commission are asking the company about the actual basis for Musk's tweets.
Tesla shares dive and erase some of the gains of the previous day.
August 10 : Two lawsuits are being filed against Tesla and Musk for class action lawsuits in which he and his company are accused of violating federal securities laws.
The lawsuits claim that Musk was trying to artificially boost Tesla's stock price to hurt short sellers with the privatization announcement.
13. August : Musk revealed in a blog post that he is referring to talks he had with the Saudi Arabian sovereign wealth fund when he said the funding was "secured" for the company to go private. He says he has "no question" that an agreement can be concluded, but must "get the process moving".
It leaves wide room for interpretation and suggests to some that a privatization agreement was not as developed as Musk initially believed.
Musk also says in a tweet that Goldman Sachs ( and the investment firm Silver Lake will provide financial advice. )
Analysts continue to express concerns. Musk's plan to take Tesla off the exchange could cost around $ 24 billion, one of the largest deals ever made. And Tesla is facing obstacles because of its liquidity bottlenecks, high debt and production problems.
Aug. 14 : Tesla's board announces that he will study Musk's proposal by clarifying that directors have not endorsed the plan.
Aug. 15: The Journal reports that the SEC has summoned Tesla regarding Musk's plans to take the company privately, signaling agencies are conducting a formal investigation.
Executives must not make false public statements that affect the stock price.
The company's stock closes at $ 339.
Aug. 16 : The Journal reports that since last year, an SEC investigation into Tesla is underway. Investigators are reportedly investigating whether the company has misled investors about the Model 3 production problems.
It is possible that the probe shows nothing. But the SEC has the authority to punish Musk or banish him from the C-Suite.
The company's stock drops slightly to $ 335.
Aug. 17 : The stock market responds to a New York Times interview with the CEO published the day before, describing the high personal strain his companies have taken. He admits to work 120 hours a week and rely on Ambien to sleep.
Investors are not sympathetic. Tesla shares fall to $ 306, down about 17% in 10 days.
August 20 : A JP Morgan analyst interrupts his forecast for Tesla's stock price and predicts he will drop to $ 195 by December. The previous prediction was $ 308.
August 22 : A Tesla investor writes an open letter to Musk urging him not to take the company privately. She suggests that Tesla could be worth $ 700 to $ 4,000 a share in five years.
Musk thanks her for the letter.
24. August : In a dramatic reversal, Mosch returns a link to a blog entry at 10 am pm ET announces that he has abandoned plans to take Tesla privately.
Musk admits he has realized it would be harder to take the company privately than he originally thought.
"I knew the process of becoming private would be challenging, but it's clear that it would be more time-consuming and distracting than originally thought," Musk said in the blog post.
Tesla's shares closed at $ 323, 6% over five days, but less than 15% on Aug. 7, ahead of Musk's latest announcement conclude.
-CNNs Chris Isidore, Jethro Mullen and Matt Egan contributed to this report.
CNNMoney (New York) Initial release August 25, 2018: 6:56 pm ET