Billionaire Elon Musk said it is “impossible” to go public with Tesla Inc. now, although he would like to devote more time to innovation.
“The bonds of Tesla’s publicly traded company are a much bigger factor, but going public is impossible now (sigh),” said Musk in response to a tweet saying that he should optimize his time in areas like innovation. “The company’s engineering, design and general operations absorb the vast majority of my mind and are the fundamental limitation to doing more.”
Tesla the shares, which were included in the S&P 500 index this week, increased eight times this year before adding to the benchmark. The gain is double the advance of the next best meter performance. The jump in stock prices also created millionaires among its investors and boosted Musk’s net worth by $ 132.2 billion to $ 159.7 billion, making him the second richest person in the world, according to the Bloomberg Billionaires Index.
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Musk also said that Starlink, SpaceX’s growing space internet business, would likely be a candidate in his group to go public as soon as its revenue growth became “reasonably predictable”, echoing something similar company president’s comments to investors earlier this year.
Space Exploration Technologies Corp. has already launched more than 240 satellites to build Starlink, said President Gwynne Shotwell at an event for private investors in February.
A listing would give investors a chance to buy one of the privately held company’s most promising operations. “At the moment, we are a private company, but Starlink is the right kind of business that we can go ahead and go public,” she said then.
Investors have, up to this point, limited ways of owning a piece of SpaceX, which has become one of the most valuable venture capital companies in the U.S., for dominating the commercial rocket industry.
In addition to a NASA contract for a version of its next-generation spacecraft that can land astronauts on the moon in 2024, SpaceX also has an agreement with a Japanese entrepreneur for a private flight around the moon in 2023. And it will be ready for launch its first spacecraft flight to Mars in 2026, said Musk earlier this month.
– With the help of Dana Hull