It was “impossible” for Elon Musk to make Tesla private, despite the CEO’s belief that releasing the electric vehicle manufacturer from its functions as a public company would help accelerate innovation, Christmas Eve said.
“The engineering, design and overall operations of the company absorb the vast majority of my mind and are the fundamental limitation to do more.” Musk tweeted in response to a user speculating on how the tech mogul could better allocate his time. “The obligations of Tesla’s public companies are a much bigger factor, but moving into private life now is impossible (sigh).”
Tesla, which was added to the S&P 500 benchmark index this week, has seen its shares rise 670% since the beginning of the year. With its market cap of about $ 630 billion, Tesla would be the largest acquisition of all time.
Musk had gone into hot water with the Securities and Exchange Commission after sending a tweet on August 7, 2018 stating that “he was considering the possibility of depriving Tesla of $ 420. Secure financing “.
The joke resulted in a $ 20 million fine and forced him to step down as Tesla president.
Thursday also Musk he tweeted that Starlink, the satellite Internet business on SpaceX, is his next company that is likely to go public, saying it would go public “once revenue growth is reasonably predictable”.