TSLA Slips 2% Overnight as Gary Black Warns SpaceX Deal Would Dilute Shareholders by 25%

Tesla stock declined 2% overnight heading into Friday, with Future Fund Managing Director Gary Black warning that a SpaceX acquisition would be too dilutive for shareholders. "At $132 and sinking, SPCX can't just buy TSLA in a 25% dilutive equity deal," Black said on X. "The math won't pass muster." Black argued that SpaceX's board has a fiduciary duty to reject such a deal, despite Elon Musk controlling 82% of the company's voting power.

Tesla reports second-quarter earnings on July 22, with Wall Street expecting earnings per share of $0.32 on revenue of $26.02 billion.