Tesla stock opened at $369.09 on Wednesday, sliding almost 3 percent from its Tuesday closing price of $379.57.
Buying out all of Tesla's stock at $420 a share would value the company at over $80 billion - and although Musk said he had financial backing for it, he didn't give details. The board said only that Musk had "addressed the funding for this to occur".
USA regulators are examining how Tesla Inc (TSLA.O) Chief Executive Elon Musk announced his plan to take the electric carmaker private and whether his statement was truthful, the Wall Street Journal reported on Wednesday.
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In the last week, Tesla's board has met "several times" to discuss Musk's proposal and "is taking the appropriate next steps to evaluate this".
Musk also said he intends to give Tesla's existing shareholders the option of retaining a stake in the company through a special fund, if they want.
Tesla's board on earlier on Wednesday said it was evaluating taking the company private, which would be the biggest leveraged buyout of all time.
'Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company. He now owns 20 percent of the company, so more than $60 billion is needed to buy the business from public shareholders.
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If Musk didn't actually have financing secured when he said he did. oh boy.
'Basically, I'm trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, ' Musk wrote.
FILE PHOTO: Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S., July 19, 2017.
Musk's proposed move is seen as a strategy to avoid several issues: Wild stock swings, short-sellers who profit on stock value drops and shareholder pressure on quarterly performance, according to the Financial Times. In his first tweet he said funding was secured but provided no details. Tesla spokesmen didn't immediately respond to requests for comment on Wednesday. Many initially thought it was Elon Musk's attempt at a bad joke about marijuana, because "420" has always been associated with pot. The company already has a $2 billion investment from Saudi Arabia's sovereign fund as well as Tencent, which took a 5 percent stake in 2017.
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If the content of Musk's tweet was not true, lawyers argue, it could expose Tesla's mercurial chief executive officer and the company to regulatory action and private lawsuits.