Investor Gary Black of The Future Fund LLC thinks that the upcoming SpaceX IPO could be behind the recent decline in Tesla Inc.‘s (NASDAQ:TSLA) stock price.
SpaceX IPO Causing TSLA Decline?
Sharing a screenshot of a post by influencer Sawyer Merritt on Monday, the investor weighed in on SpaceX’s amended S-1 filings. The screenshot showed a part of Merritt’s post, which said that SpaceX would issue “a significant amount” of equity for future acquisitions or transactions.
The equity “could be to acquire TSLA which would be roughly 28% dilutive,” Black said, pointing towards a combined market cap of both companies reaching over $3 trillion.
OpenAI Touts Robotics Push
On the other hand, OpenAI CEO Sam Altman announced the artificial intelligence rival was hiring to produce “robots that are useful for society.”
Altman outlined that short-term goals for the endeavor would see OpenAI manufacturing robots that would “support skilled workers” in manufacturing.
“In the long term, we imagine everyone having a personal robot doing anything they need,” the OpenAI CEO said in his post on X on Monday. He then said that OpenAI’s simulation arm had transitioned into “OpenAI Robotics,” with “rapid” progress.
Altman’s post indicates that OpenAI could eventually produce a rival for Tesla’s Optimus humanoid robot, which recently got a boost after Tesla filed for a lens cleaning patent that could help its autonomous operations.
According to Benzinga Edge Rankings, Tesla scores well on the Growth and Quality metrics, while also providing a favorable price trend in the Short, Medium and Long term.
Price Action: Tesla shares were down 4.57% at market close on Monday to $415.88, further declining 0.56% to $413.57 during the after-hours trading session.
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