Billionaire Elon Musk said it’s “impossible” to take Tesla private now, even if he would have liked to spend more time on innovation.
“The duties of Tesla’s public companies are a much bigger factor, but going private is now impossible (sighs),” Musk said in response to a tweet saying he should optimize his time in areas like innovation. “Engineering, design, and general business activities occupy most of my mind and are the fundamental limitation to doing more.”
Tesla stocks, which have entered the S&P 500 index this week, are up eightfold this year, ahead of its addition to the benchmark measure. The gain is twice the progress of the next best performer on the meter. The rise in the stock price also created millionaires among its investors, propelling 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.
Musk also said that Starlink, SpaceX’s burgeoning space-based internet company, would likely be a candidate in its group to go public once revenue growth becomes “fairly 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 deploy Starlink, President Gwynne Shotwell said at a private investor event in February. A stock exchange listing would give investors the opportunity to buy into one of the most promising activities within the tight-knit company. “Starlink is the right kind of business that we can do and make public.”
Investors until now had limited ways of owning a piece of SpaceX, which has become one of the most highly regarded venture capital backed companies in the US by dominating the commercial rocket industry.
In addition to a contract from NASA for a version of its next-gen Starship spacecraft that can land astronauts on the moon in 2024, SpaceX has an agreement with a Japanese entrepreneur for a private flight around the moon in 2023.
And it will be ready to launch its first Starship flight to Mars in 2026, Musk said earlier this month.
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