*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.
Cheddar News checks in on what to look out for on The Day Ahead as earnings season continues with TJX Cos., Target and Take Two Interactive among those reporting on Wednesday. April housing starts data is also set to be released while Netflix will hold its upfront presentation virtually amid a continued writers' strike.
Billy McFarland, who served four years in prison for the failed Fyre Festival in the Bahamas that saw investors lose millions, is back. McFarland joined Cheddar News to explain a new Fyre Festival he is planning along with a Broadway musical, both in the works.
Retail sales saw a modest uptick in April as inflation eased somewhat as consumers look toward the summer season to spend some more. Mario Payne, financial planner for Toams Financial, joined Cheddar News to provide some guidance on how to work up a responsible summer budget plan.
Dryden Pence, chief investment officer with Pence Capital, joined Cheddar News to discuss Tuesday's market session and touched on what the Federal Reserve may decide on at its next meeting as inflation continues to play a role and consumer spending remains firm.
Stellantis is telling owners of nearly 220,000 Jeep Cherokee SUVs worldwide to park them outdoors and away from other vehicles because the power liftgates can catch fire even when the engines are off.
After years of explosive growth during the pandemic, Home Depot’s revenue during the first quarter fell short of expectations and the company cut its profit and sales outlook for the year
