Text size
Tesla chief Elon Musk
Maja Hitij / Getty Images
Tesla
was on a wild flight this year. No matter what happens in 2021, one thing is for sure the market for the ride will be.
This is according to Tesla CEO (regulator: TSLA), Elon Musk, who said on Twitter that it is ‘impossible’ to make the electric vehicle business private.
Musk’s comment was in response to a tweet on Christmas Eve about the best allocation of his time and resources, in which the CEO also said that ‘engineering, design and general operations absorb most of my mind and the fundamental limitation is to to do more. ”
Long-time Tesla followers will remember the madness of speculation Musk began in August 2018 when he said he was considering taking Tesla private when his share was $ 420. The remark landed him in the hot water at the Securities and Exchange Commission, and his settlement with the agency meant he had to step down as chairman.
With the giant rise in the stock this year, Musk’s mistakes have probably been long forgotten among Tesla bulls. His remarks helped boost stocks Monday. Shares of Tesla have risen 2.3% in recent trading to $ 677.13, rising more than 700% so far. The stock has at the
S&P 500
last week.
That said, Musk fans hoping for the opportunity to invest more with the entrepreneur may still get the chance, despite the constraints
Musk also said on Twitter that Starlink, its satellite internet business, would be possible in the future if the growth was more predictable, something he had said before.
Separately, Musk tweeted Monday that he was meeting with Larry Ellison, executive chairman of,
Oracle
(ORCL), in Hawaii to “seek advice” and will work on Tesla again Tuesday.
Write to Teresa Rivas by [email protected]