In two days, the stock has erased the 8.6% gain that followed Musk's surprise announcement on Twitter that he had secured funding to take the electric car maker off the public market. That includes a 4.8% drop on Thursday.

"The number one issue is simply that the investment community is uncertain about where this funding" is coming from, said Rebecca Lindland, an industry analyst with Kelley Blue Book.


Investors also may have been spooked by reports that the SEC is looking into Tesla.

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