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Elon Musk Says Taking Tesla Private 'Impossible' Now

Neer Varshney
·2 min read

Tesla Inc. (NASDAQ: TSLA) going private is “impossible” now, according to the electric vehicle company’s CEO Elon Musk.

What Happened: “Tesla public company duties are a much bigger factor, but going private is impossible now (sigh),” Musk said in response to a tweet from Dave Lee — an investor in the EV maker — that called for the billionaire entrepreneur to be able to optimize his “time and interests.”

“Engineering, design [and] general company operations absorb vast majority of my mind [and] are the fundamental limitation on doing more,” the Tesla CEO said on Friday.

Musk’s tweet prompted a Twitter user to ask if it can be successfully concluded that none of the other companies run by him — which include, Starlink, Neuralink, SpaceX, and the Boring Company — will be going public anytime soon.

The entrepreneur reiterated an earlier position that it would “most likely make sense for Starlink to go public once the revenue growth is reasonably predictable.

Lee had earlier in the week floated an idea to create a holding company for all of Musk’s ventures — an idea the latter seemed to have found intriguing.

Why It Matters: Musk had infamously tweeted in August 2018 that he was “considering taking Tesla private at $420” and funding for such a move had been “secured.”

The tweet got Musk in trouble with the U.S. Securities and Exchange Commission and he had to step down as Tesla chairman as part of a lawsuit settlement, alongside paying $20 million in penalty.

Tesla joined the S&P 500 last Monday, becoming the company with the highest valuation ever to join the stock market index.

Price Action: Tesla shares closed 2.4% higher at $661.77 on Thursday.

See Also: Will Tesla Destabilize The S&P 500?

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Latest Stories

  • Alibaba Antitrust Fears Drive $200 Billion Chinese Tech Selloff

    (Bloomberg) -- Alibaba Group Holding Ltd. led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s internet empire and engulf the country’s most powerful corporations.Alibaba and its three largest rivals -- Tencent Holdings Ltd., food delivery giant Meituan and JD.com Inc. -- have shed nearly $200 billion over two sessions since Thursday, when regulators revealed an investigation into alleged monopolistic practices at Ma’s signature company. That marked the formal start of the Communist Party’s crackdown on not just Alibaba but also, potentially, the wider and increasingly influential tech sphere.On Sunday, the central bank ordered Ma’s other online titan -- Ant Group Co. -- to return to its roots as a payments service and overhaul adjacent businesses from insurance to money management, spurring talk of an eventual breakup.Once hailed as the standard-bearers of China’s economic and technological ascendancy, Alibaba and its compatriots now face increasing pressure from regulators worried about the speed with which they’re amassing clout in sensitive arenas such as media and education and gaining influence over the daily lives of hundreds of millions. That concern crystallized in November, when regulators torpedoed Ant’s $35 billion initial public offering before unveiling draft rules enshrining sweeping powers to clamp down on anti-competitive practices in sectors from e-commerce to social media.Alibaba fell 8% Monday in Hong Kong, shedding $270 billion of value since its October peak. Tencent and Meituan both tumbled more than 6%. Alibaba rival JD.com Inc. slid roughly 2%. “The Chinese government is putting more pressure or wants to have more control on the tech firms,” Jackson Wong, asset management director at Amber Hill Capital Ltd., said by phone. “There is still very big selling pressure on firms like Alibaba, Tencent or Meituan. These companies have been growing at a pace deemed by Beijing as too fast and have scales that are too big.”It’s unclear what concessions regulators may try to wring from Alibaba. Under the existing Antitrust Law -- now undergoing revisions to include the internet industry for the first time -- Beijing can fine violators up to 10% of their revenue. In Alibaba’s case, that could mean a levy of as much as $7.8 billion.China’s e-commerce leader on Monday raised a proposed stock repurchase program by $4 billion to $10 billion, effective for two years through the end of 2022. But the buyback program was overwhelmed by fears that the steps taken against Ant are just the tip of the iceberg. While the central bank stopped short of calling for a breakup, the financial services giant now needs to present specific measures and a timetable for overhauling its business.Read more: Ant Turning From Windfall to Nightmare for Global InvestorsThe State Administration for Market Regulation dispatched officials to Alibaba’s Hangzhou headquarters last Thursday and the on-site investigation was completed on the day, according to local news reports. The People’s Daily -- the Communist Party mouthpiece -- ran a commentary over the weekend warning Alibaba’s peers to take the antitrust investigation into Alibaba as a chance to lift their own awareness of fair competition. Ma, the flamboyant co-founder of Alibaba and Ant, has all but vanished from public view since Ant’s IPO got derailed last month. As of early December, the man most closely identified with the meteoric rise of China Inc. was advised by the government to stay in the country, a person familiar with the matter has said.Ma isn’t on the verge of a personal downfall, those familiar with the situation have said. His very public rebuke is instead a warning Beijing has lost patience with the outsize power of its technology moguls, increasingly perceived as a threat to the political and financial stability President Xi Jinping prizes most.Investors remain divided over the extent to which Beijing will go after Alibaba and its compatriots as Beijing prepares to roll out the new anti-monopoly regulations. The country’s leaders have said little about how harshly they plan to clamp down or why they decided to act now.Some analysts predict there’s a crackdown coming, but a targeted one. They point to language in the regulations that suggests a heavy focus on online commerce, from forced exclusive arrangements with merchants known as “Pick One of Two” to algorithm-based prices favoring new users. The regulations specifically warn against predatory pricing -- selling below cost -- to weed out rivals.“As this latest investigation occurs at a time when China is ready to take action against monopolistic practices, we think SAMR might want to use BABA’s case as a precedent to send a message to the rest of the industry that the authority is determined this time to address the” pricing issue, Nomura analysts wrote in a note Monday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Dow Jones Futures: President Trump Signs Stimulus Deal; Tesla On Cusp Of 'Historic Milestone'

    Futures rose as President Trump signed the stimulus deal. Elon Musk said Tesla is near a "historic milestone." Apple stock is flashing a buy sign.

  • Congress is giving you a new stimulus check — here's when to expect it

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  • Here’s where to invest your money before traders start ‘rotating, if not stampeding’ out of stocks, according to one Warren Buffett disciple

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  • ‘Is my stimulus check taxable income?’ Trump signs $900 billion coronavirus bill — but myths about the stimulus persist

    Congress passed the relief bill on Monday and it awaits President Donald Trump gave into his misgivings over the relatively modest sign of the stimulus, among other concerns, and on Sunday signed the massive pandemic-aid bill, averting a government shutdown in the process. At the same time, the new set of stimulus checks do have some new rules for certain scenarios, like for people who are behind on child support or married to a non-citizen. Treasury Secretary Steven Mnuchin said Monday these economic impact payments could start arriving in bank accounts next week.

  • Trump has signed the stimulus checks bill — so when do you get your money?

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  • 20 electric vehicle stocks besides Tesla and Nio that analysts expect to rise the most over the next year

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  • 3 Monster Growth Stocks That Can Charge Forward in 2021

    With 2020 winding down, there’s a growing belief that 2021 is going to be a growth year for the stock markets. The US elections have returned a divided government, one unlikely to have the broad majorities – or the broad support – needed to enact wide-ranging reform legislation from either the right or left, and that bodes well for the economy generally.The COVID vaccines are entering distribution, and while new anti-virus lockdowns are also getting set in place, there’s a feeling that the end of the pandemic may be near. According to the analyst community, a few names reflect serious growth plays. These are stocks that have already notched impressive gains year-to-date, and are poised to see the growth keep on coming even after 2020 wraps up.   Bearing this in mind, we used TipRanks’ database to scan the Street for tickers that fall into this category. Locking in on three in particular, the analysts believe that each name, which also happen to boast a “Strong Buy” consensus rating, can keep the rally alive in 2021.  SunOpta (STKL)The first stock on this growth list is a health snack company, SunOpta. The company’s line of products includes plant-based beverages, fruit-based snacks, broth and stocks, teas, and sunflower and roasted snacks. The company markets through private label and co-manufacturing distribution, as well as through food service institutions.SunOpta boasts a market cap of $962 million, after a year of stunning share price growth. The stock is up an impressive 328% this year, far outpacing the general markets. The company’s Q3 revenues came in at $314.9 million, a 6.4% year-over-year gain. EPS, at a net loss of 1 cent, was better than the 2-cent loss expected – and far better than the 11-cent loss reported in the year-ago quarter.The company’s solid performance has attracted the attention of Craig-Hallum analyst Alex Fuhrman. The analyst rates STKL a Buy along with a $15 price target. This figure implies a one-year upside of 40% from current levels. (To watch Fuhrman’s track record, click here)Backing his stance, Fuhrman wrote, “We believe the company’s focus on high value plant-based foods and beverages should command a premium valuation with opportunities for upside to estimates as the economy recovers from COVID.”In large part, Fuhrman’s optimism is based on SunOpta’s niche. The analyst noted, “We expect plant-based food stocks to command a premium valuation to other food companies for the foreseeable future given faster growth trends and compelling environmental benefits. At just $4.5B in sales today, plant-based products are less than 1% of the $695B grocery market, but it is easy to envision it representing a double-digit share of grocery sales over time.” Wall Street doesn’t always come together in unanimity, but in this case, it does. SunOpta’s Strong Buy analyst consensus rating is unanimous, based on 3 Buy reviews. The stock is selling for $10.70, and with an average price target of $15, SunOpta has a forward growth potential of 40%. (See STKL stock analysis on TipRanks)Green Brick Partners (GRBK)One bright spot in the economy this past year has been the home construction industry. As people moved out of the cities to avoid COVID, they headed for the suburbs and exurbs – and that boosted the demand for single-family homes. Green Brick is a land development and home acquisition company, based in Texas. The company invests in real estate, primarily land, and then provides plots and construction financing for the development projects.The spread of the suburbs – not just in this COVID year, but as a general trend, has been good to Green Brick. The company’s Q3 revenue was $275.8 million, the best in more than year, beating the forecast by 20% and growing 31% year-over-year. EPS was also strong; the Q3 value, 68 cents, was 54% above expectations, and more than double the year-ago value.Green Brick’s share price has been rising along with the company’s financial outlook. For the year, GRBK has gained 111%.In his coverage of this stock, JMP analyst Aaron Hecht noted, “[We] expect GRBK to capitalize on the trend of apartment renters shifting to single-family homes for safety and changing dynamics brought on by more workers telecommuting. The most important cohort shift within the buyer pool is millennials who have come off the sidelines to buy homes, a trend which we believe has multiple years of runway. The millennial demand trend is magnified in GRBK’s case given its outsized exposure to markets, such as Texas & Atlanta, which are the net beneficiaries of migration out of high-priced coastal geographies.”To this end, Hecht rates GRBK an Outperform (i.e. Buy), and his price target of $30 implies an upside of ~23% for the next 12 months. (To watch Hecht’s track record, click here)While not unanimous, the Strong Buy consensus rating on Green Brick is decisive, with a 3 to 1 breakdown of Buys versus Hold. The average price target of $27.5 gives a 12.5% upside potential from the current share price of $24.45. (See GRBK stock analysis on TipRanks)Brightcove, Inc. (BCOV)Shifting gears to the software industry, we come to Brightcove, a Boston-based software company. Brightcove offers a range of video platform products, including cloud-based hosting and social and interactive add-ons. The company is a leader in the delivery and monetization of cloud-based online video solutions.The strength of such a business model, during these pandemic days with their massive shift of white-collar workers toward remote offices, telecommuting, and video conferencing, is obvious. Brightcove’s earnings hit 11 cents per share in Q3, nearly double the year-ago quarter. At the top line, revenues have been stable, holding between $46 million and $48 million per quarter in 2020, with no discernable COVID impact.Shares in Brightcove have been going up in steps all year, after a minor blip last winter. The pace has accelerated since the end of July, after the Q2 results were released, and the stock is now up 103% for 2020. The general macro headwinds are turning into video niche tailwinds, as noted by Northland Capital analyst Michael Latimore. “We believe a market tailwind, BCOV's leading tech platform, and strong sales execution are driving strong bookings. We believe the salesforce is at full productivity. BCOV will add more channel managers this year. Management is focused on process improvements to achieve consistency in revenue retention rates,” the 5-star analyst noted.Latimore rates the stock as Outperform (i.e. Buy), and his $24 price target indicates confidence in a 36% upside for the year ahead. (To watch Latimore’s track record, click here)Over the past 3 months, two other analysts have thrown the hat in with a view on the video tech company. The two additional Buy ratings provide Brightcove with a Strong Buy consensus rating. With an average price target of $20.17, investors stand to take home 14% gain, should the target be met over the next months. (See BCOV stock analysis on TipRanks)To find good ideas for growth stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • I’m 65, have $500,000 in cash, no ‘impressive’ work résumé and am terrified of investing — can I retire?

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  • Alibaba Shares Tank Even As E-Commerce Giant Ups Stock Buyback Target To $10B

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  • Covid-19 Relief Bill, AstraZeneca, Alibaba, Bitcoin - 5 Things You Must Know Monday

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  • Barron's Post-Christmas Picks And Pans: Alibaba, Apple, Intel, Pool, Yelp And More

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  • 3 Lidar Stocks to Buy for Autonomous Driving

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Moreover, noting that major auto equipment makers Bosch and Valeo (OTC:VLEEY) started to develop lidar, arsTechnica recently proclaimed, “Lidar sensors are about to become a mainstream car feature.” Research firm Lucintel said lidar is “used in blind spot detection, adaptive cruise control, parking assistance, and pedestrian detection systems.” It predicted revenue of the “automotive detection and ranging sensors market” will have a compound annual growth rate of 17% between 2019 and 2025. Within the sector, the popularity of lidar is expanding more quickly than average, the firm stated.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 7 Undervalued Stocks That Could Soar in 2021 These lidar stocks are exceptionally well-positioned for this trend: Collective Growth Corp. (NASDAQ:CGRO). Valeo (OCTMKTS:VLEEY). Velodyne (NASDAQ:VLDR). Collective Growth Corp. (CGRO) Source: Shutterstock Collective Growth Corp. is a special purpose acquisition company that plans to merge with Israel’s Innoviz Technologies, which develops lidar sensors. Among the start-up’s investors are two huge auto equipment companies, Magna (NYSE:MGA) and Aptiv (NYSE:APTV). Another investor is Softbank (OTC:SFTBY), a huge Japanese investment bank. Innoviz agreed to sell its lidar to BMW for use in its 2021 SUV. Importantly, Innoviz recently announced that it released  a cheaper lidar system more feasible for “mass market” automobiles. Indeed, the company “claims its technology is some of the most cost effective for automakers on the market,” according to Yahoo Finance. In 2025, Innoviz predicts gross margin will reach 52%, with its operating margin hitting 31%. The valuation of CGRO stock is expected to be $1.4 billion after the merger. This will make Innoviz one of the cheaper lidar plays. The combination of a top-notch customer, huge investors, affordable products and a relatively low valuation make Collective Growth/Innoviz one of the best lidar stocks to buy. Valeo (VLEEY) Source: Shutterstock French auto-equipment company Valeo is reportedly “the only company in the automotive world” that’s mass-producing lidar sensors.  Valeo intends to produce 1 billion sensors for automobiles over the next five years. Further, “four of the world’s leading automakers have already signed commercial contracts for it and Valeo’s order book currently stands at close to half a billion euros.” Like Innoviz, Valeo says it developed relatively affordable lidar. Meanwhile, citing increased auto demand, Moody’s recently predicted that European parts makers will report 11%-12% top-line growth next year. Their EBITDA margin will come in at 6.2%, versus 6.9% in 2019. And the firm identified Valeo as a key beneficiary of the proliferation of electric vehicles on the continent. 7 Undervalued Stocks That Could Soar in 2021 Valeo is trading with an affordable forward price-earnings ratio of just over 20 and a tiny price-sales ratio of 0.39. This is on the list of lidar stocks as it seems to be a good growth-at-a-reasonable-price (GARP) name. Velodyne Lidar (VLDR) Source: Shutterstock As I noted in a recent column, Velodyne recently announced that it would unveil a new lidar sensor called H800 that it will look to sell for $500. As a result, I said “the H800 will certainly be inexpensive enough to add to all higher-end automobiles and most middle-range ones.” And Highways Today praised the H800 for its “outstanding detection” capabilities. Moreover, Ford’s European commercial-vehicle unit said that it will use the H800. Velodyne expects a top line this year of $100 million. Further, “Velodyne has close, advanced partnerships with Ford, China’s Baidu (NASDAQ:BIDU) and Hyundai Mobis.” In addition, VLDR stock is less risky than undiversified automobile lidar makers. Velodyne is developing sensors for autonomous robots. In fact, Velabit, its 3D lidar sensor for robots,  recently “was named the winner of the 2020 Innovation Award by Silicon Valley Robotics.” It has a range of 100 meters, costs only $100, and can be incorporated into drones and vehicles. The company is trading with a market capitalization of $3.4 billion. VLDR stock is relative cheap for the company that’s arguably the first-mover in the fast-growing lidar space. On the date of publication, Larry Ramer held a long position in Velodyne.  Larry has conducted research and written articles on U.S. stocks for 13 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Among his highly successful contrarian picks have been solar stocks, Roku, and Snap. You can reach him on StockTwits at @larryramer. Larry began writing columns for InvestorPlace in 2015. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets The post 3 Lidar Stocks to Buy for Autonomous Driving appeared first on InvestorPlace.

  • China lays out 'rectification' plan for Jack Ma's fintech empire Ant

    The People's Bank of China, the country's central bank, summoned Ant Group for regulatory talks on December 26th, announcing a sweeping plan for the fintech firm to "rectify" its regulatory violations. The meeting came less than two months after China's financial authorities abruptly halted what could have been a record-setting initial public offering of Ant over the firm's regulatory compliance issues. The company, which started out as a payments processor for Alibaba's online marketplaces and spun out in 2011, lacked a sound governance structure, defied regulatory requirements, illegally engaged in arbitrage, excluded competitors using its market advantage and hurt consumer rights, said the central bank.

  • I’m 63, my husband is 70, we’ll have $90,000 a year in retirement — how can we claim our Social Security benefits?

    It will certainly be something to celebrate, and that you’ve already figured out what your retirement income will be is a great start. Americans qualify for survivor benefits in a few scenarios, including if they are a widow or widower age 60 or older; a divorced spouse from a marriage that lasted 10 years and who did not remarry before age 60; or a widow or widower at any age caring for the deceased’s child under age 16. Spousal benefits can be very confusing, said Kate Gregory, a financial planner and president of Gregory Advisors Inc. As a spouse, you’re entitled to 50% of your husband’s primary insurance benefit that he’d receive at his Full Retirement Age (FRA, which in his case is 66 years old), but he has to have filed for his benefits before you can do so.

  • DraftKings, Skillz SPAC Team Launch $1.5 Billion Spinning Eagle: What Investors Should Know

    A well-known SPAC team is launching a $1.5 billion offering that could be highly anticipated by investors given their history in the space.Spinning Eagle Acquisition Corp: A new SPAC called Spinning Eagle Acquisition Corp filed for registration on December 23.The SPAC is seeking to sell 150 million units at $10 each to raise $1.5 billion. Each unit will include one-fifth of a warrant to buy a common share at $11.50. Underwriters will have the option to buy an additional 22.5 million units.Common shares will trade as SPNG on the Nasdaq and be available for around 52 days after the offering was filed.The Management Team: Spinning Eagle Acquisition Corp is led by Harry Sloan, Eli Baker and Jeff Sagansky. Sloan, former CEO of the MGM movie studio, is serving as the CEO and chairman, with Baker acting as president and chief financial officer. Sagansky is a founding investor.The duo of Sloan and Sagansky have been partners on many SPACs over the years, with Baker involved on many of the recent ones.Sagansky is also part of the team at Falcon Capital Acquisition Corp (NASDAQ: FCAC), a SPAC launched with Treasury Secretary Steven Mnuchin's brother Alan G. Mnuchin.Related Link: Sports Betting ETF Co-Founder Talks SPACs, Undervalued Foreign Exchange PlaysPast SPACs: The team behind Spinning Eagle Acquisition Corp has years of experience in the SPAC industry including two recent success stories with DraftKings Inc. (NASDAQ: DKNG) and Skillz Inc. (NASDAQ: SKLZ).Flying Eagle Acquisition raised $690 million with units that included one-third of a warrant in January 2020. The company announced their merger with Skillz, valuing the mobile gaming company at $3.5 billion.Diamond Eagle Acquisition raised $400 million in April 2019 with units that also included one-third of a warrant. The company merged with DraftKings in a deal that valued the sports betting company at $2.7 billion.The company also did deals that included Target Logistics, Williams Scotsman, Global Eagle Entertainment and Videocon, which is now part of Dish TV India.DraftKings has been one of the best performing SPACs of the year with shares trading at $52.11, up over 400% from their $10 offering price. Shares have traded as high as $63.78 this year.Skillz shares trade at $19.02, up 90% from their $10 offering price. Shares have traded as high as $22.73 this year.SPAC Target: The new SPAC is targeting a company that can benefit from the management team. No sector or geographical area is singled out as a focus, but the filing does mention the management team's experience in media and entertainment.The team is targeting a company that is in a high growth industry, and has revenue or earnings growth and free cash flow generation.If the company does not find a target company, plans could include forming a separate blank check company referred to as SpinCo.Benzinga's Take: Given the team's experience with SPACs and the recent success with DraftKings and Skillz, this will be a highly anticipated SPAC offering.Units and common shares will be in high demand and could trade at a premium.Given the size of the SPAC, it is one of the largest offerings in 2020 and could land a huge company. The company's focus on revenue and earnings generation could bring in a well-known and growing company that could be well received by investors.Photo credit: World Poker Tour, FlickrSee more from Benzinga * Click here for options trades from Benzinga * Need A Stocking Stuffer? DraftKings Now Has Sports Betting Gift Cards * New Jersey Sets Monthly Record For Sports Betting: A Look At The Winners And Why New York Needs To Legalize(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • I’m 52, won’t live past 80 and have $1.6 million. ‘I am tired of both the rat race and workplace politics.’ Should I retire?

    I can easily live on a $60,000 budget (including taxes) but often it is less than that. Health insurance is probably one of the most crucial — if not the most crucial — consideration you’ll need to make before you leave your job.