Tesla Inc. stock was down in the first morning of trading since Chief Executive Elon Musk announced the electric carmaker would remain a publicly traded firm.

On Friday night, Musk said in a post on Tesla’s website that major shareholders told the Palo Alto automaker it was “better off as a public company” and encouraged him to call off his plan to take Tesla private.

Musk said he met with Tesla’s board of directors Thursday, whose members agreed.

Tesla stock was down 2.7 percent at $314.12 around 8:45 a.m. PDT Monday.

Musk tweeted Aug. 7 he was “considering taking Tesla private” at $420 a share and that he had “funding secured,” an announcement that sent the company’s stock soaring. Questions arose about who would supply funding and how secured it was.

Musk said his tweet about funding was based on meetings with Saudi Arabia’s sovereign fund that left him “with no question” they could strike a deal. He also said the Saudi support was “subject to financial and other due diligence and their internal review process for obtaining approvals,” among other conditions.

About a week after the initial announcement, a Fox Business reporter tweeted that the Securities and Exchange Commission sent subpoenas to Tesla about the plans to take the company private, with special emphasis on Musk’s declaration about securing funding.

Legal experts said the issuing of subpoenas could indicate the SEC had opened a formal investigation.Days later, Musk told the New York Times in a tearful interview that the past year was the “most difficult and painful” of his career.

He said that he was working up to 120 hours a week and that friends were “really concerned” about his health.

Speculation grew that Tesla’s board of directors would look to hire an executive to run daily operations at Tesla, similar to the role Gwynne Shotwell occupies at Musk-led SpaceX as company president and chief operating officer.

On Friday, Musk showed no indication of wanting to diminish his control of the automaker.

He said in his blog post that he was “incredibly excited to continue leading Tesla as a public company,” calling the role a “privilege.”