Would billionaires dislike private acquisitions of their stock?

I was wondering how tax would affect a billionaire’s willingness to let a company in his holdings be acquired.

For example, the majority of Elon Musk’s wealth is centralized in TSLA. Most billionaires who’ve gained their fortunes in this way spend money by taking out loans against their stock.

If another company tried to take TSLA private for something like a 40% markup, disregarding future prospects, would Elon be inclined to avoid selling his stock and realizing his capital gains, even if it goes against the benefit of the majority of stockholders?