It cannot be a part of me, for now it's part of you.
(adding some explanation for this fanart. it's quite long, skip it if you want to.)
Heavily influenced by Tapioca Tundra and the last scene from Elephant Parts.
Before singing tapioca tundra, Mike once talked about the conversation between Rudyard Kipling and Mark Twain. There were some arguments about the sequel to Tom Sawyer and Kipling said to Twain that Tom Sawyer isn't Twain's property anymore. "he belongs to us.”
-and I think that depicts Mike perfectly as he became one of the monkees. the image of Mike no longer belongs to him but to the audience. even if he is no longer a monkee and pursues his solo career, he will never truly be evaluated as he is. he is stuck inside the TV like the ending of Elephant Parts. possibly no one will see him who he is- since we are seeing him with the screen on him. we are the blind men and he is an elephant.
(the missing leg from the elephant toy also symbolizes that we cannot see him as who he is, even if we feel the parts of him since not all of himself would be on screen.)
I know he also said "It cannot be a part of me, for now it's part of you." is showing appreciation for their fans but there are many ways to interpret a song anyway.