Frankly, I think it's a distraction from more important priorities. Building the worlds largest battery factory, scaling up production capacity by 10x in an unprecedented amount of time, expanding the worlds largest charging network and dealers/service centers, Autopilot 2.0+, and laying the foundations for Models Y and beyond is more than enough for one company to focus on. SCTY would suck down the capital that TSLA desperately needs to do all of those other (more important) things.
I think SCTY is great, and if it were 2020, with TSLA having a successful launch of the Model 3/Y the Gigafactory up and running, etc. then I would feel much differently as an investor. Right now, I think TSLA has more than enough on it's plate.