Tesla CEO Elon Musk said late on Friday the car maker will remain a publicly traded company based on conversations with shareholders at a special committee.

"It's apparent that most of Tesla's existing shareholders believe we are better off as a public company. A number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company. There is also no proven path for most retail investors to own share if were private," Musk said in a press release.

Musk also said that the process of going private would be challenging and time-consuming because the company is supposed to stay focused on revamping Model 3.

Earlier this month, Musk considered to take the company private in a potential 72-billion-US-dollar-transaction. The board of directors later formed a special committee to consider his proposal.