Tesla (TSLA) Stock Rises as SpaceX Merger Odds Climb on Wall Street
TLDR
- Tesla stock opened at $342.27 on Monday, down 24% year-to-date coming into the session
- Wall Street is increasingly pricing in a potential Tesla/SpaceX merger as a key factor moving TSLA
- RBC analyst Tom Narayan says a deal would create a “vertical-integration-from-orbit-to-ground-AI ecosystem”
- Tesla’s Q2 revenue beat at $28.24 billion, but EPS of $0.33 missed the $0.50 consensus estimate
- Zevenbergen Capital trimmed its Tesla position by 0.6%, though the stock remains its third-largest holding
Tesla stock opened at $342.27 on Monday, up 0.3% in early trading, while SpaceX stock climbed 0.9% to $141.29. The S&P 500 futures were up 0.2% at the same time.
The two stocks have been moving in the same direction about two-thirds of the time over the past several weeks. Both gained for two consecutive weeks coming into Monday, and before that, both were on losing streaks at the same time.
The growing connection comes down to one thing: merger talk. Wall Street is increasingly betting that Elon Musk will combine his two companies, and that expectation is now a real driver of Tesla’s stock price.
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