Tesla Motors, the electric car maker founded by billionaire Elon Musk, is poised to make history when it becomes the first company to become a public company.
On Monday, the California-based company reported $12.6 billion in revenue for the year ending June 30, its biggest quarterly loss since it began trading in January of this year.
Tesla shares plunged $3.10, or 2.1%, to $42.79 in after-hours trading, before recovering slightly.
Shares of the Palo Alto, California-headquartered company rose $4.25, or 3.3%, to close at $42,839.
Tesla is one of the most sought-after private equity firms in the world.
Musk and his co-founders, Peter Rivellini and Lyndon Rivelli, raised $8.8 billion in cash and $2.2 billion in debt from hedge funds in 2018, with plans to turn the company into a global technology leader.
Tesla was the No. 3 best-performing stock in the S&P 500 index of U.S. tech stocks, according to FactSet data.
But Musk’s turnaround effort has come under scrutiny in recent months as a series of legal and shareholder issues have clouded the company’s future.
The company is facing lawsuits alleging it stole technology from rival Apple and then sold it for pennies on the dollar to Apple’s rivals.
On June 2, Tesla announced that it was changing the name of its car charging station network to Tesla Energy, which was based on the Tesla name and was a nod to the electric vehicle company’s history of charging infrastructure.
But the move is being criticized by investors, who say it could be seen as a bid to increase Apple’s market share in the electric-car market.
Tesla has also faced accusations that its vehicles have been underperforming, with the company citing an increase in the number of fires caused by faulty vehicles.
On Wednesday, Tesla confirmed it had discovered a security vulnerability in the software that powers its charging stations.
The security flaw, which allows hackers to bypass Tesla’s security measures, could have been exploited by hackers who wanted to steal or alter Tesla’s proprietary software.
The company also confirmed that hackers had been able to gain access to the company system for more than a month and used a previously unpublished Tesla software update to launch a series “hacks” aimed at breaching Tesla’s network.
Tesla said that the “hacker(s) have successfully compromised Tesla’s internal network and the Tesla Electric vehicle network.
We are working closely with law enforcement agencies and our own security team to understand the impact this has had.”