Tesla CEO Elon Musk has said it is impossible to take the company private now as its public company duties are a much bigger factor. As much as he would have liked to spend more time on innovation, the billionaire said “going private” is an impossible prospect for Tesla. Musk’s comment came in reply to a tweet asking him to optimise his time in areas such as innovation.
“Tesla public company duties are a much bigger factor, but going private is impossible now (sigh)," Musk said. “Engineering, design and general company operations absorb the vast majority of my mind and are the fundamental limitation on doing more,” he added.
Tesla has had an amazing year as its shares, which were included in the S&P 500 index this week, surged eightfold, the Bloomberg report added. It added that the gain is twice the advance of the next best performer on the gauge.
The sharp rise in Tesla shares has made many of the company’s investors millionaires besides boosting Musk’s personal net worth. He became the second richest person in the world last month, according to the Bloomberg Billionaires Index.
Mulling new IPO
Elon Musk went on to say that SpaceX’s budding space-internet business, Starlink, would be the likely candidate in his group to go public after its revenue growth becomes “reasonably predictable”.
It may be noted that the Space Exploration Technologies Corporation has already launched more than 240 satellites to build out Starlink. An IPO listing for Starlink would give investors a chance to buy into one of the most promising operations within the closely held company, added the report.