It is “impossible” for Elon Musk to make Tesla private – despite the CEO’s belief that relieving the electric carmaker from its duties as a public company would help accelerate innovation, he said on Christmas Eve.
“Engineering, design and general business activities occupy most of my mind and are the fundamental limitation to doing more”, Musk tweeted in response to a user speculating on how the tech tycoon could best spend his time. “The duties of Tesla’s public companies are a much bigger factor, but going private is now impossible (sigh).”
Tesla, which was added to the benchmark S&P 500 index this week, has seen its stocks rise 670 percent since the beginning of the year. With a market capitalization of nearly $ 630 billion, Tesla would be by far the largest acquisition of all time.
Musk famously got into water with the Securities and Exchange Commission after he tweeted on August 7, 2018, saying he “was considering taking Tesla privately for $ 420. Funding secured.”
The pot joke fined him $ 20 million and forced him to step down from his role as Tesla’s chairman.
Musk on Thursdays too tweeted that Starlink – the internet-radiant satellite company within SpaceX – is its next venture likely to go IPO, saying it would go public “once revenue growth is reasonably predictable.”