*By Carlo Versano*
Tesla shares sank 3 percent in early trading Monday, following CEO Elon Musk's [announcement](https://www.tesla.com/blog/STAying-public) over the weekend that he is abandoning his controversial plan to take the company private.
The reversal capped 16 days of panic inside Tesla to see whether the idea, put forth in a tweet earlier this month, was viable. It finally became clear, by Musk's own admission, that it was not.
In the blog post, published without the fanfare of his earlier tweets, Musk said it had become clear to him that, while "there was more than enough funding" to take Tesla private, doing so would estrange many of the company's existing shareholders (and most ardent supporters of the company). It was reported that Musk also became wary of the strings attached to taking cash from the Saudi sovereign wealth fund, which he said expressed both the interest and ability to fund his buyout.
Musk also said the company "absolutely must stay focused on ramping Model 3 and becoming profitable." Advancing such a huge, complex buyout of public shareholders ー one Musk originally valued at $72 billion ー would take resources away from that effort.
While the will-he-won't-he drama that had captivated Wall Street and Silicon Valley for the last three weeks seems to have come to an end, Musk may not be out from under the thumb of regulators yet. The SEC began a formal inquiry into what Musk meant when he tweeted that he had "secured funding" for a buyout and whether that constituted securities fraud.
That investigation is reportedly still underway, even without a go-private deal on the horizon.
In an annual assessment of global inequalities, Oxfam International said the first trillionaire could emerge within the next decade — as the anti-poverty organization pointed to the growing wealth gap that skyrocketed globally during the pandemic.
The Biden administration proposed a cost drop for overdrawing bank accounts, which it says could particularly relieve Americans living paycheck to paycheck.
With thousands of layoffs in tech and beyond, how workers can keep their skills sharp, plus reasons to be hopeful when looking at the job market.
Taking a look at investment strategy as the new year gets into full swing.
Americans stepped up their spending in December more than expected, closing out the holiday season and the year on an upbeat tone. The Commerce Department said retail sales rose 0.6% in December compared with a November’s 0.3% increase.
A New York architect charged in a string of slayings known as the Gilgo Beach killings was accused in a 25-year-old Connecticut woman's death.
Uber purchased Drizly in a cash-and-stock deal for $1.1 billion in 2021. The drink delivery app will shut down in March, according to Uber.
After Donald Trump's victory at the Iowa caucus, Nikki Haley and DeSantis continue their campaigns as New Hampshire's primary looms.
Christine Short, VP of Research at Wall Street Horizon, shares insights on small and big banks earnings, a fresh round of layoffs in the tech world, and what to expect from upcoming rate decisions.
More executives are feeling better about the global economy. But a growing number don’t think their companies will survive the coming decade without a major overhaul because of pressure from climate change and technology like artificial intelligence.
