Bloomberg: Tesla shares down 8.9% in 3 months since SpaceX IPO as S&P gains 2.7%
Tesla shares have fallen 8.9% in the three months since SpaceX's June 11 IPO (at $135 a share), while the S&P 500 gained 2.7% over the same span — a sign the stock's decade-long 'Musk premium' is being tested now that investors have another way to bet on Musk.
According to a Bloomberg report published Sept. 11, Tesla shares have dropped 8.9% in the three months since SpaceX's June 11 IPO at $135 a share, while the S&P 500 gained 2.7% over the same period. SpaceX stock, meanwhile, still trades 9.8% above that IPO price.
Tesla shares are also down 23.26% year-to-date. For more than a decade, Bloomberg notes, Tesla was the only public-market way to bet on Elon Musk — but since SpaceX began trading in June, investor attention and capital have started splitting between the two stocks.
SpaceX, fresh off an $85.7 billion IPO, has grown revenue 92% year over year, the report notes. The so-called 'Musk premium' that has long propped up Tesla's valuation — built less on vehicle sales or margins than on faith in Musk's broader vision — is now being tested by the arrival of an alternative Musk stock.
The underperformance isn't attributable to the SpaceX IPO alone — Tesla also reported second-quarter earnings during the same stretch. Bloomberg's own headline ties the stock's slide to both factors ('SpaceX IPO, Earnings Rout'), suggesting capital rotation and earnings disappointment worked together to weigh on the stock.
Summaries are prepared by the Tesla Briefing editorial team and may not capture every nuance of the original reporting. You are solely responsible for your own investment decisions.