Musk says it’s ‘impossible’ to take Tesla private, mulls new IPO | Tech News

Musk says it’s ‘impossible’ to take Tesla private, mulls new IPO

Tesla shares, which were included in the S&P 500 index this week, have surged eightfold this year ahead of the addition to the benchmark measure.

By:BLOOMBERG
| Updated on: Aug 21 2022, 13:47 IST
Space Exploration Technologies Corp. has already launched more than 240 satellites to build out Starlink, President Gwynne Shotwell said at a private investor event in February.
Space Exploration Technologies Corp. has already launched more than 240 satellites to build out Starlink, President Gwynne Shotwell said at a private investor event in February. (AP)

Billionaire Elon Musk said it's “impossible” to take Tesla Inc. private now even though he would have liked to spend more time on innovation.

“Tesla 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 & general company operations absorb vast majority of my mind & are the fundamental limitation on doing more.”

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

The gain is twice the advance of the next best performer on the gauge. The share price jump also created millionaires among its investors, and propelled Musk's net worth by $132.2 billion to $159.7 billion, making him the world's second-richest person, according to the Bloomberg Billionaires Index.

Also read
Looking for a smartphone? To check mobile finder click here.

ALSO READ: Apple somehow survived, nay thrived, after not buying Tesla

Musk also said Starlink, SpaceX's budding space-internet business, would likely be a candidate in his group to go public once its revenue growth becomes “reasonably predictable,” echoing similar comments by the company's president to investors earlier this year.

Space Exploration Technologies Corp. has already launched more than 240 satellites to build out Starlink, President Gwynne Shotwell said at a private investor event in February.

A listing would give investors a chance to buy into one of the most promising operations within the closely held company. “Right now, we are a private company, but Starlink is the right kind of business that we can go ahead and take public,” she said then.

ALSO READ: This German car maker might just be scared of Apple entering the auto segment

Investors have to this point had limited ways to own a piece of SpaceX, which has become one of the most richly valued venture-backed companies in the U.S. by dominating the commercial rocket industry.

In addition to a contract from NASA for a version of its next-generation Starship spacecraft that can land astronauts on the moon in 2024, SpaceX also has an agreement with a Japanese entrepreneur 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.

By Niluksi Koswanage

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 25 Dec, 14:24 IST
NEXT ARTICLE BEGINS