surprising fact
Canaccord analysts noted they hoped to see momentum around a merger between Tesla and SpaceX. In Tesla’s earnings call, Musk deflected a question about a possible tie-up following months of speculation: “We can’t talk about, you know, combining companies and that kind of thing on an earnings call—it has got to be done with the appropriate process.” Musk did note there is “more and more overlap” between his two firms, pointing to Starlink’s integration in Cybertrucks, and TeraFab, a proposed AI chip manufacturing venture between Tesla, SpaceX and the former xAI, which is now a SpaceX subsidiary.
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what to watch for
SpaceX will launch its 13th test flight of the Starship rocket on Thursday, its first since the rocket maker’s initial public offering last month. An earlier launch scheduled for last week was aborted after Musk said some of the rocket’s engines failed to start. That pushed SpaceX shares down by more than 4%, lowering Musk’s net worth by more than $45 billion.
contra
SpaceX shares were largely flat on the day, down only 0.1% as of around 1:45 p.m. EDT, having little impact on Musk’s fortune.
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key backgroudn
Musk’s fortune has fallen more than $700 billion from its peak, which came shortly after SpaceX’s IPO. A trading debut for his SpaceX made him a trillionaire, and surging shares in the rocket maker boosted him to a high of $1.45 trillion before a weekslong selloff that has since pushed his net worth below pre-IPO levels. The latest dip in Tesla shares followed speculation from shareholders about whether Musk would reveal updates for Tesla’s Optimus robotics or robotaxi plans, with submitted questions ahead of the automaker’s earnings asking why its robotaxi business had been “stalled.” Another question posed: “What is keeping Tesla back from accomplishing these short-term goals that they’ve set for themselves?”
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further reading
ForbesMusk Says Tesla And SpaceX ‘Can’t Talk About’ Merging On Earnings Call—But Here’s What He Did SayBy Ty Roush