Future Fund Managing Director Gary Black dismissed speculation regarding a SpaceX (NASDAQ:SPCX) acquisition of Tesla (NASDAQ:TSLA). Black stated the deal would violate the SpaceX board's fiduciary duty to its shareholders. He emphasized that Elon Musk’s voting control does not override these legal obligations.
The primary concern centers on significant stock dilution for existing SpaceX investors. SpaceX shares currently trade below their $135 IPO price. An acquisition would require issuing a substantial volume of new equity.
SpaceX stock has recently retreated from its post-IPO highs. The company completed the largest-ever IPO on June 12, 2026.