- Elon Musk said Friday that it is now “impossible” to keep Tesla private.
- “The duties of a Tesla public company are a very big factor, but going private is now uncommon (sighs)” Musk tweeted.
- In response to another user, Musk said “engineering, design and general company operations” were the “basic limits” to spending more time on innovation.
- He also said that SpaceX’s Internet satellite project, Starlink, is likely to be unveiled “once revenue growth is reasonably predicted.”
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Elon Musk said on Friday that it was now “impossible” to take Tesla private – although doing so could bring more innovation to the electric car manufacturer.
Tesla’s share price has risen eight times since the beginning of the year, and on December 21 it entered the S&P 500 as the fifth largest member.
Musk, responding to YouTuber Dave Lee’s comments on Twitter, Said on Friday Spending more time on innovation was the “basic limitation” of “engineering, design and general company operations”.
“The duties of a Tesla public company are a big factor, but privatization is now impossible,” he said.
The term “going private” means to convert a publicly sold company into a private entity, for example, a private equity buyout.
Elon Musk (@ Elon Musk) December 25, 2020
Tesla’s market cap of over કે 600 billion will make it the largest acquisition ever.
In August 2018, Musk said he wanted to privatize Tesla, in comments that put him in trouble with the Securities and Exchange Commission (SEC).
“Considering Tesla privatized at 20 420. Funds secured,” Musk tweeted at the time. The SEC argued that Musk had no concrete deal, and so he made that statement or knowing the reason for it was wrong and misleading.
He was forced to resign as chairman of Tesla.
Starlink IPO ‘potential’
Inside Tweet later“Starlink, a satellite internet project by its aerospace company SpaceX, will” probably “spin and go public when revenue growth is reasonably predicted,” Musk said.
Starlink is currently in public beta, and costs 600 to participate. About 900 satellites in the U.S. And parts of Canada are attracting the Internet, and some users are recording speeds of up to 200 megabytes per second.
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Musk plans to take Starlink to other locations around the world, including Europe, in 2021, and in early December SpaceX won 885 million in federal subsidies to expand Starlink to other locations in the US.
In total, SpaceX plans to launch 42,000 Starlink satellites into orbit. The goal is to provide high speed internet anywhere in the world and generate $ 30 billion to $ 50 billion in annual revenue.
This is not the first mention of Starlink going public. “Right now, we’re a private company, but Starlink is the right kind of business that we can go public with,” Gwynn Shotway, chief operating officer of SpaceX, told Bloomberg in February. “That special part is an element of the business that we can spin and go public.”
