Elon Musk, also known as Grimes’ boyfriend, tweeted the following on August 7th:
After the tweet, Tesla’s stock rose enough for Musk’s net worth to grow by $1.4 billion (according to Hypebeast). And he only owns 20 percent of the company!
Why the quick rise? Well, Tesla is currently a publicly traded company and Mr. Musk doesn’t like this because being public, as he puts it, “subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term.”
Musk also said, with characteristic Kanye West arrogance, that the Tesla stock is “the most shorted stock in the history of the stock market” and that, as it is publicly traded, “there are large numbers of people who have the incentive to attack the company.”
The decision to go private is mostly, based, Musk says, on the fact that his other company, SpaceX, is privately held and is operated more efficiently than Tesla, as it isn’t subject to the ups and downs of the stock market.
Read Musks full letter here.