Tesla Shares Fall 3% on SpaceX Merger Talk; Analyst Questions Trillions in FSD Value

According to GLJ Research analyst Gordon Johnson, Tesla shares fell more than 3% in premarket trading on Tuesday amid fresh debate over a potential merger with SpaceX. Johnson argued on X that such a deal would imply CEO Elon Musk does not believe the company's Full Self-Driving and Optimus technologies are worth trillions, as "all that value would be left on the table."

Jefferies separately lowered its price target on Tesla to $375, warning that merger expectations could shift investor focus away from the company's core business and cause Tesla stock to increasingly trade as a proxy for SpaceX.

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