- Elon Musk tweeted Wednesday that he thinks it would be a “good idea” to pool his four businesses – Tesla, SpaceX, Neuralink and The Boring Company – under one giant holding company.
- Dave Lee, a YouTuber and Tesla investor, suggested the idea. He said the holding company could be called “X” and would make it easier for Musk to run his companies and start new ones.
- “X could become the most important company in human history,” Lee said.
- “Good idea,” Musk replied.
Elon Musk tweeted Wednesday that he thinks combining his four businesses into a giant holding company called “X” is a “good idea.”
Musk owns or owns in part the electric car maker Tesla, the aerospace giant SpaceX, the neurotechnology company Neuralink and the transport tunnel maker Boring Company. Only Tesla is publicly traded.
Dave Lee, a YouTuber and Tesla investor, tweeted Musk with the idea. The holding company would make it easier for Musk to run his businesses and start new ones, Lee said. X would become the parent company of all four Musk companies, and its mission would be “to ensure human survival and progress,” Lee said.
“X could become the most important company in the history of mankind”, Lee added.
The purpose of the holding company would not be to increase the market capitalization or share price of Musk’s companies, but rather to allow him to “continue to make big bets for humanity and have time to manage them,” Lee said.
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“Good idea,” Musk replied.
—Elon Musk (@elonmusk) December 23, 2020
In a video explaining his idea, Lee said that Musk had previously spoken about starting such a company. “Probably about four or five years ago, Elon was cited for considering the idea of a holding company,” Lee said, although he did not. I point to a source.
Lee said that creating a holding company would encourage more talented engineers to work for Musk’s companies. It would also allow the four companies to combine their human resources and marketing departments, reducing layers of bureaucracy, giving Musk more time to spend exploring startups, Lee added.
The name would pay tribute to X.com, the online bank that Musk created in 1999 and later merged with Confinity and later became PayPal. Lee pointed out that Musk already owns the domain name.
Read more: Winning the electric car race is just the beginning of Elon Musk’s plan for Tesla
Earlier this month, Musk told Axel Springer CEO Mathias Döpfner that he would be open to talks to merge Tesla with a rival.
“We would certainly have that conversation,” he said.
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