Tesla shares rise after Elon Musk says it is ‘impossible’ to make the company private now

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Tesla

been in a wild race this year. No matter what happens in 2021, one thing is for sure that the market will always be present.

This is according to Tesla (ticker: TSLA) Chief Executive Elon Musk, who said on Twitter that making the electric vehicle company private is “impossible now”.

Musk’s comment was in response to a tweet from Christmas Eve about the best allocation of his time and resources, in which the CEO also said that “engineering, design and general operations of the company absorb much of my mind and are the limitation key to doing more. “

Longtime followers of Tesla will remember the speculation frenzy that Musk started in August 2018, when he said he was considering going public with Tesla when his shares reached $ 420. The comment left him in dire straits with Securities and Exchange Commission, and his deal with the agency meant he had to step down as president.

With stocks soaring this year, Musk’s mistakes are probably long forgotten among Tesla bulls. His comments helped to lift the stock on Monday. Tesla shares have risen 2.3% to $ 677.13 in recent trading, having risen more than 700% in the year to date. The stock joined the

S&P 500

Last week.

That said, Musk fans who expect the opportunity to invest more with the entrepreneur may still have the chance, despite restrictions that

Musk also said on Twitter that Starlink, his satellite internet company, may go public in the future, when its growth is more predictable, something he has said before.

Separately, Musk tweeted on Monday that he would meet Larry Ellison, executive chairman of

Oracle

(ORCL) in Hawaii to “get some advice” and would be back working at Tesla Tuesday.

Write to Teresa Rivas at [email protected]