Of course, there are still the short-sellers — those betting against Tesla in the markets, whose sway was a major motivation for Mr. Musk to seek to flee the public markets. They have not been neutralized.

And major questions remain, including how the company will manage its financial challenges as it scrambles to meet the production goals for the Model 3 sedan, the lower-priced offering it has called the key to its profitability, and the legal and regulatory issues that have kicked up by the going-private gambit.

Can Tesla meet its production goals?

One of the most critical tasks is ramping up production of the Model 3. He has said the company needs to make 5,000 a week to become profitable, and it reported hitting that mark in the final week in June. Since then, however, analysts believe the Model 3 line has been operating at a slower pace on average.

Mr. Osborne said he suspected that the company was averaging about 4,000 a week or fewer. One red flag in his mind is the gigantic tent constructed recently outside Tesla’s plant in Fremont, Calif., to house a third Model 3 assembly line — a highly unusual means of increasing production.

“The tent shows there’s clearly an issue with throughput,” he said. “Making cars in a tent obviously wasn’t the way Tesla originally planned it.”

Karl Brauer, executive editor at Cox Automotive, a research firm, contrasted the length of time that had been needed for the Model 3 to reach full production capacity with the typical rollout of a new model by an established automaker. Tesla is still working out kinks more than a year after starting production.

“With most automakers, it’s normal that full capacity is not reached in the first month or even after three to six months,” he said. “But certainly within a year, you’re at high volume.”