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NEW YORK: Billionaire Elon Musk said it’s “impossible” to make Tesla Inc. private now, although he would have liked to spend more time on innovation.
“Tesla’s public company duties are a much bigger factor, but going private is impossible now (sigh),” Musk said in response to a tweet saying he should optimize his time in areas such as innovation.
“Engineering, design and general operations of the company absorb most of my mind and are the fundamental limitation to do more.”
Tesla shares, which were included in the S&P 500 index this week, have increased eight-fold this year before the addition to the benchmark measure.
The profit is twice the advance of the next best performance in the indicator.
The jump in share price also created millionaires among his investors and boosted Musk’s net worth from $ 132.2 billion to $ 159.7 billion, making him the second-richest person in the world, according to the Bloomberg Billionaires Index.
Bloomberg Wealth: Tesla Investors Who Are Now Millionaires
Musk also said that Starlink, SpaceX’s fledgling space internet business, will likely be a candidate for his group to go public once its revenue growth is “reasonably predictable,” echoing similar comments from the company’s president. to investors earlier this year.
Space Exploration Technologies Corp. has already launched more than 240 satellites to build Starlink, President Gwynne Shotwell said at a private investor event in February.
A listing would give investors the opportunity to buy one of the most promising trades within the closed company.
“Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and go public,” he said then.
Until this point, investors had limited ways to own a piece of SpaceX, which has become one of the most valued corporate-backed companies in the US by dominating the commercial rocket industry.
Plus a NASA contract for a version of its next-generation Starship spacecraft that can land Astro
nauts on the moon in 2024, SpaceX also has an agreement with a Japanese businessman for a private flight around the moon in 2023. And it will be ready to launch its first Starship flight to Mars in 2026, Musk said earlier this month. – Bloomberg
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