Investor Ross Gerber on Saturday urged investors not to “bet against” Elon Musk-led commercial space flight giant Space Exploration Technologies Corp. (NASDAQ:SPCX) despite its recent decline to below its IPO price.
People Should Learn Early Tesla Lesson
In a post on X, the Gerber Kawasaki co-founder said that “people should learn their lessons from the early Tesla days,” pointing to TSLA volatility during its initial weeks following the IPO. “They are doing incredible things and one must think very big to understand their goals,” the investor said.
However, he acknowledged valuation concerns with the company. “Valuations blah blah. Yes it’s true,” he said, but added that it was “irrelevant” to what the “incredible” company was doing.
SpaceX Tumbles
The news comes as SpaceX shares declined sharply in recent weeks, with Musk-led Tesla Inc. (NASDAQ:TSLA) also recording sharp declines. The stocks of both enterprises tumbling has had a direct impact on Musk’s own wealth, with his net worth falling below the $1 trillion mark.
According to the Bloomberg Billionaires Index, Musk’s current net worth is around $719 billion. Notably, at its highest, Musk’s net worth was approximately $1.3 trillion, vastly exceeding the market capitalizations of many established businesses.
Elon Musk Touts Mars
Meanwhile, the SpaceX CEO recently said that establishing a lasting human presence on Mars could help shield humanity from lethal outbreaks and pandemics and from hostile Artificial Intelligences. “Since it takes 6 months to reach Mars, there is an automatic 6 month quarantine!” The billionaire said in a recent social media post.
The company had earlier put its Mars ambitions on the back burner in favor of targeting missions to the Lunar surface, in line with NASA’s Artemis Missions.
According to Benzinga Edge rankings, SpaceX provides a favorable price trend in the Short, Medium and Long term.
Price Action: SpaceX shares were down 1.41% at $113.44 in after-hours trading on Friday.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Thrive Studios ID via Shutterstock
Login to comment