Market reflects doubt on attempt to privatize Tesla

After two days of turmoil, Tesla shares have fallen back closer to the level they were trading at before CEO Elon Musk tweeted Tuesday that he may take the company private.

Shares closed down 5 percent on Thursday.

That means they’ve now given back almost all the gains after Musk’s

Tuesday morning tweet that he had confirmed funding for taking the company private at $420 a share.

Before the tweet, shares closed Monday at $341.99. After two days of turmoil, they stood at $352.45.

The retreat from earlier highs suggests the market now doubts the buyout will happen.