Tesla won’t be going private after all, it seems. In a statement released last Friday, company chief executive Elon Musk said he and the company’s board had concluded that they would not turn Tesla into a privately owned company.

“I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated,” Musk said in the statement that was posted on the company’s blog.

“After considering all these factors, I met with Tesla’s board of directors yesterday and let them know that I believe the better path is for Tesla to remain public,” he said. Six of Tesla’s board members confirmed that Musk had informed them of this decision, and each of them will be giving him their full support.

Since Musk announced his plan to delist Tesla, its share price has dropped by 20%. According to the BBC, Musk, who owns about a fifth of the company, said he had spoken with shareholders and major banks to consider the privatisation but found the sentiment to be largely opposing.

“Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company,” wrote Musk. “Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this’.”

Earlier this month, Musk apparently confirmed plans to take Tesla private with the backing of a Saudi Arabian sovereign wealth fund, a move that he said was first initiated almost two years ago. Once private, prices would be locked in at US$420 per share, representing a 20% premium.

Meanwhile, doubts over the funding have put Tesla, its board and chief executive under scrutiny by the US Securities and Exchange Commission and have attracted potential class-action lawsuits from investors who bought shares after the announcement. Tesla has never reported an annual profit since its founding in 2003, the New York Times reported.