Tesla Inc. TSLA going private is “impossible” now, according to the electric vehicle company’s CEO Elon Musk.
What Happened: “Tesla public company duties are a much bigger factor, but going private is impossible now (sigh),” Musk said in response to a tweet from Dave Lee — an investor in the EV maker — that called for the billionaire entrepreneur to be able to optimize his “time and interests.”
“Engineering, design [and] general company operations absorb vast majority of my mind [and] are the fundamental limitation on doing more,” the Tesla CEO said on Friday.
Musk’s tweet prompted a Twitter user to ask if it can be successfully concluded that none of the other companies run by him — which include, Starlink, Neuralink, SpaceX, and the Boring Company — will be going public anytime soon.
The entrepreneur reiterated an earlier position that it would “most likely make sense for Starlink to go public once the revenue growth is reasonably predictable.
Lee had earlier in the week floated an idea to create a holding company for all of Musk’s ventures — an idea the latter seemed to have found intriguing.
Why It Matters: Musk had infamously tweeted in August 2018 that he was “considering taking Tesla private at $420” and funding for such a move had been “secured.”
The tweet got Musk in trouble with the U.S. Securities and Exchange Commission and he had to step down as Tesla chairman as part of a lawsuit settlement, alongside paying $20 million in penalty.
Tesla joined the S&P 500 last Monday, becoming the company with the highest valuation ever to join the stock market index.
Price Action: Tesla shares closed 2.4% higher at $661.77 on Thursday.
See Also: Will Tesla Destabilize The S&P 500?
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