Shares rose 8.5% on Monday following that note's release. Musk pushed back that timeline in June, saying Tesla would start making $35,000 Model 3s near the end of 2018 and aim for mass production in 2019.
Tesla has been under fire for the pressure it places on workers to achieve the high targets with Musk and the company being accused of rubbing out union activity and firing workers who complain of poor conditions. Even if it was live on television, Elon Musk's marijuana episode at the weekend was just one of several freaky decisions that have rattled investors in the USA electric carmaker.
On Thursday, CNBC to meet with financial advisors next week to formalize a process to explore Musk's take-private proposal, according to people familiar with the matter.
But the carmaker's stock dropped about 7 percent in total over the next two trading sessions on skepticism over the deal's financing and the news that the U.S. Securities and Exchange Commission to Tesla.
Tesla CEO Elon Musk gave a timeline in May that suggested deliveries of the $35,000 base-priced Model 3 could begin between the end of September and the end of December. Less than three weeks later, Musk abandoned the go-private plan after what he described as a shareholder revolt.
Tesla's decline has been driven by accelerating "management credibility issues", Needham & Co. analyst Rajvindra Gill wrote in a report on Monday. They have fallen 29 percent from their August 7 intraday high of US$387.46 when Musk tweeted about taking the company private.
The behaviour is likely to have contributed to recent executive departures including Chief Accounting Officer David Morton, who left last week after only one month on the job, Shah wrote.
Gill is "concerned" about the rapid turnover of senior executives at Tesla, which he estimates has lost 23 executives over the past two years alone. "We would definitely honor that obligation, and we would do so right now if it were possible", Musk said.
A Tesla spokesperson referred to previous comments in which Musk said Tesla expects to turn a profit in the third and fourth quarters.
It may no longer be up to Musk.