Elon Musk says it's 'impossible' to take Tesla private
Billionaire Elon Musk has clarified that privatization of Tesla Inc. is impossible even though he is keen to spend more time on innovation rather than engineering, design, and general company operations, which limit the tech genius to some extent. Tesla has had a great year as its shares, which were added to the S&P 500 index this week, witnessed an eightfold surge this year.
Thanks to the sharp rise in Tesla shares, many of the company's investors have become millionaires. The share price jump also boosted Musk's net worth, which increased from $132.2 billion to $159.7 billion, making him the world's second-richest person, as per the Bloomberg Billionaires Index.
Tesla is an American electric vehicle and clean energy company founded by Musk in 2003 and based in California. It offers a wide range of products such as electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, as well as related products and services, accelerating the global transition to sustainable energy aiming at a zero-emission future.
Meanwhile, Musk has affirmed that SpaceX's Starlink can go public once its revenue growth is reasonably predictable. Starlink—a low latency, space internet system to meet the needs of consumers across the globe—is being developed by SpaceX. In February, SpaceX announced plans for Starlink's listing, but it may be several years before it materializes. SpaceX has already launched over 240 satellites for the Starlink project.
In 2002, Musk founded SpaceX to reduce space transportation costs as well as facilitate the colonization of Mars. Today, the aerospace manufacturer and space transportation services company is one of the most valuable venture-backed companies in the US dominating the commercial rocket industry. In August, SpaceX raised $1.9 billion at a valuation of $46 billion, which is its largest funding till now.
All eyes are on Starlink now. Starlink going public will be a milestone moment for investors globally as they will get a chance to own a piece of SpaceX. Meanwhile, SpaceX has several projects in the pipeline, like the next-generation Starship spacecraft to land astronauts on Moon in 2024, a private flight around Moon in 2023, and the first Starship flight to Mars in 2026.
