Elon Musk says it's 'impossible' to take Tesla private, plans new IPO
Tesla shares, which were included in the S&P 500 index this week, have surged eightfold this year ahead of the addition to the benchmark measure
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“Tesla public company duties are a much bigger factor, but going private is impossible now (sigh),” Elon Musk said
Billionaire Elon Musk said it’s “impossible” to take Tesla private now even though he would have liked to spend more time on innovation.
“Tesla public company duties are a much bigger factor, but going private is impossible now (sigh),” Musk said in response to a tweet saying he should optimise his time in areas, such as innovation. “Engineering, design & general company operations absorb vast majority of my mind & are the fundamental limitation on doing more.”
Tesla shares, which were included in the S&P 500 index this week, have surged eightfold this year ahead of the addition to the benchmark measure. The gain is twice the advance of the next best performer on the gauge. The share price jump also created millionaires among its investors, and propelled Musk’s net worth by $132.2 billion to $159.7 billion, making him the world’s second-richest person, according to the Bloomberg Billionaires Index.
Musk also said Starlink, SpaceX’s budding space-internet business, would likely be a candidate in his group to go public once its revenue growth becomes “reasonably predictable,” echoing similar comments by the company’s president to investors earlier this year. Space Exploration Technologies has already launched more than 240 satellites to build out Starlink, President Gwynne Shotwell said at a private investor event in February. A listing would give investors a chance to buy into one of the most promising operations within the closely held company. “Starlink is the right kind of business that we can go ahead and take public.”
“Tesla public company duties are a much bigger factor, but going private is impossible now (sigh),” Musk said in response to a tweet saying he should optimise his time in areas, such as innovation. “Engineering, design & general company operations absorb vast majority of my mind & are the fundamental limitation on doing more.”
Tesla shares, which were included in the S&P 500 index this week, have surged eightfold this year ahead of the addition to the benchmark measure. The gain is twice the advance of the next best performer on the gauge. The share price jump also created millionaires among its investors, and propelled Musk’s net worth by $132.2 billion to $159.7 billion, making him the world’s second-richest person, according to the Bloomberg Billionaires Index.
Musk also said Starlink, SpaceX’s budding space-internet business, would likely be a candidate in his group to go public once its revenue growth becomes “reasonably predictable,” echoing similar comments by the company’s president to investors earlier this year. Space Exploration Technologies has already launched more than 240 satellites to build out Starlink, President Gwynne Shotwell said at a private investor event in February. A listing would give investors a chance to buy into one of the most promising operations within the closely held company. “Starlink is the right kind of business that we can go ahead and take public.”