Tesla Bulls Could Get Burned? Gary Black Sees Trouble With SpaceX All-Stock Merger: Warns 24% Premium 'Can Quickly Go Negative' A person in a suit smiles, with a red Tesla logo on a phone screen in the foreground. (Credit: Image via Shutterstock) Badar Shaikh Sun, November 8, 2026 at 5:30 PM EST 5 min read TSLA +4.57% SPCX +9.72% MRVL +6.32% LITE +6.01% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Investor Gary Black, the co-founder of The Future Fund LLC, reiterated his criticism of and dilution concerns about a possible merger between Elon Musk-led enterprises Space Exploration Technologies Corp. and Tesla Inc..
In a post on the social media platform X, Black dismissed mergers. "$TSLA bulls still hanging onto the hope that $SPCX will buy $TSLA in an all-stock deal," he said, pointing to the deal between Marvell Technology Inc. and Lumentum Holdings Inc..
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"A +24% premium can quickly go negative as the acquirer's stock is sold down," Black said in the post. "Since last Wednesday before the deal was announced $LITE (the target) now down -27% as $MRVL (the acquirer) now down -31%."
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Black has been a vocal critic of a merger between the two companies, talks of which have gathered steam following SpaceX's Q3 earnings call, as well as Tesla's Roadster debut, which used SpaceX-sourced thrusters to make the car hover.
He said that SpaceX could offer $420/share to Tesla for a merger, but warned of dilution for TSLA shareholders.
On the other hand, Scott Galloway warned that while a merger could be beneficial for Tesla's financials, such a proposed merger would be detrimental for SpaceX's shareholders. He said that Tesla was a "patient" and likened SpaceX to an "organ donor."
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