I never understood the logic of $Tesla(TSLA.US) bulls’ arguments that a $SpaceX(SPCX.US) IPO would somehow benefit $Tesla(TSLA.US) shares. As I suggested a few days ago, $Tesla(TSLA.US) shares should fall near-term ceteris paribus as SPCX debuts since the cash to pay for the record $75 billion $SpaceX(SPCX.US) IPO has to come from somewhere, and the most likely source would be long duration stocks like TSLA (YTD $Tesla(TSLA.US) -18% vs NDX +11%). When a hot new Mediterranean restaurant opens in Chicago and customers flock to it, it’s rarely good for neighboring restaurants. The same bulls who said $SpaceX(SPCX.US) going public would benefit $Tesla(TSLA.US) shares are now suggesting that SPCX will buy TSLA in a $3.5 trillion merger deal. Based on what logic? Other than sharing Elon Musk as the same CEO, the business models are starkly different with very different TAMs and risk/reward profiles.