Tesla stock declines after SpaceX's opening trade
Key takeaways
- What s behind the move: Shares of the electric vehicle maker initially dropped after Space X s (SPCX) Nasdaq debut, which made founder Elon Musk a trillionaire.
- Strategists also believe investors may have been selling ahead of the IPO to accumulate dry powder.
- What else you need to know: Wall Street anticipates that Tesla and SpaceX will eventually merge, as Musk leads both companies, and they are both heavily involved in AI.
Tesla stock muted after Space X's opening trade Ines Ferré · Senior Business Reporter Updated Sat, June 13, 2026 at 12:07 AM GMT+7 1 min read What happened: Tesla stock (TSLA) climbed just above the flatline after dropping more than 2% immediately following Space X s (SPCX) opening trade.
What s behind the move: Shares of the electric vehicle maker initially dropped after Space X s (SPCX) Nasdaq debut, which made founder Elon Musk a trillionaire. Space X stock opened at $150 per share after pricing its IPO at $135, capping one of the most anticipated public offerings in market history.
Tesla, along with the rest of the "Magnificent Seven" group of megacap stocks, has underperformed in recent weeks, with more than $2 trillion in market cap wiped out this June as investors rotated out of tech and into more cyclical and defensive sectors.