Tesla Shares Slip as SpaceX’s $75 Billion IPO Shakes Up Musk Plays
Tesla shareholders woke up Friday tracking two Musk stocks: TSLA—already seeing swings after several days of pressure—and SpaceX, now heading for a Nasdaq open as “SPCX”. SpaceX is expected to draw retail buyers as it launches what will be the biggest IPO on record. Tesla last traded at $396.24, off 0.7%. Some earlier reports tied the drop to investors needing cash for the SpaceX IPO. SpaceX has set its IPO price at $135 a share, selling 555.56 million shares and pulling in $75 billion. Reuters said the deal gives the rocket, satellite and AI firm a $1.77 trillion valuation, putting it ahead of Tesla and Meta Platforms on market value when trading starts.