$Tesla Motors(TSLA)$ Tesla's biggest problem might just be SpaceX. As SpaceX moves lower this month, a Tesla merger at TSLA's current price-point simply becomes infeasible. Once SpaceX falls below about 124, Tesla would have to drop at least $4 for every $1 decline in SPCX, given the 3x share multiple plus premium. At that price, SpaceX no longer has the equity needed to absorb a company of Tesla's size. Doing so would dilute SPCX shareholders beyond economic logic and would require a lot of outside cash. That's why it's worth spending some time on the SPCX board, where many aren't exactly happy about a Tesla bailout.
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