It is “impossible” for Elon Musk to make Tesla private – despite the CEO’s belief that releasing the electric carmaker from its functions as a public company would help accelerate innovation, he said on Christmas Eve.
“The company’s engineering, design and general operations absorb the vast majority of my mind and are the fundamental limitation to doing more,” Musk tweeted in response to a user who was speculating on how the tech mogul might allocate his time better. “The bonds of Tesla’s publicly traded company are a much bigger factor, but going public is impossible now (sigh).”
Tesla, which was added to the S&P 500 benchmark this week, has seen its shares rise 670 percent since the beginning of the year. With its market capitalization of almost $ 630 billion, Tesla would be by far the biggest acquisition of all time.
Musk was famous for getting into trouble with the Securities and Exchange Commission after sending out a tweet on August 7, 2018 that said he was “considering going public for Tesla for $ 420. Secured financing. “
The marijuana joke earned him a $ 20 million fine and resulted in him being forced out of his position as Tesla president.
Musk on the farm too tweeted that Starlink – the satellite internet broadcast business within SpaceX – is its next IPO-likely venture, saying it would go public “as soon as revenue growth is reasonably predictable”.