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Tesla head Elon Musk
Maja Hitij / Getty Images
Tesla
has been on a wild flight this year. Whatever happens in 2021, one thing is certain: the market will follow.
That’s according to Tesla (ticker: TSLA) Chief Executive Elon Musk, who said on Twitter that it is “now impossible” to take the electric vehicle business private.
Musk’s comment was in response to a Christmas Eve tweet about the best allocation of his time and resources, in which the CEO also said that “engineering, design, and general business is taking up most of my head and the fundamental constraint to doing more. “
Longtime Tesla followers will remember the frenzy of speculation that Musk started in August 2018 when he said he was considering taking Tesla private when the stock hit $ 420. The comment put him in hot water with the Securities and Exchange Commission, and his settlement with the agency meant he had to step down as chairman.
With the stock’s massive rally this year, Musk’s missteps have likely been long forgotten among Tesla bulls. His comments helped boost stocks on Monday. Shares of Tesla are up 2.3% in recent trading to $ 677.13, and are up more than 700% so far. The stock joined the
S&P 500
last week.
That said, Musk fans hoping for the opportunity to invest more with the entrepreneur can still get the chance, despite the limitations that
Musk also said on Twitter that Starlink, his satellite internet company, could go public in the future when growth is more predictable, something he has said before.
Separately, Musk tweeted Monday that he was meeting with Executive Chairman Larry Ellison
Oracle
(ORCL), in Hawaii to “get some advice” and was scheduled to work on Tesla again on Tuesday.
Write to Teresa Rivas at [email protected]