*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.
Professional networking platform LinkedIn says it's laying off more than 700 workers and shuttering its China jobs app, in the latest round of tech industry downsizing.
Tyson Foods suffered a surprise loss in the second quarter, something not since 2009, and cut its sales forecast due to the cost of plant closures and layoffs.
Cheddar News checks in on what to look for on The Day Ahead as President Joe Biden meets with House Speaker Kevin McCarthy to look to resolve the debt ceiling debate. Earnings are also slated to be reported from companies including Airbnb, AMC Networks, Electronic Arts and Nintendo.
A study on the U.S. banking system found nearly 190 banks are at risk of failure. Preston D. Cherry, founder and president of Concurrent Financial Planning, joined Cheddar News to explain the process if you have a mortgage with a bank that collapses.
Americans have bet over $220 billion on sports with legal gambling outlets in the five years since the U.S. Supreme Court cleared the way for all 50 states to offer it.
Melissa Brown, managing director of applied research with Qontigo, joined Cheddar News to discuss a new start to the trading week as the market edged lower in a mixed-performance day. Investors also await the meeting between President Joe Biden and House Speaker Kevin McCarthy to look to resolve its debt ceiling debate.
Bobbi Rebell, chief financial officer of Financial Wellness Strategies and author of Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart, gives the top four reasons people struggle financially.
