A proposed tie-up between Tesla Inc.
(NASDAQ:TSLA) and SpaceX drew pushback from investor Gary Black, who argued the deal could destroy shareholder value through a conglomerate discount and lacks a compelling strategic rationale.
Black said in a post on X that investors are relying on vague "AI synergy" arguments to justify the combination, but he believes the market would likely value the merged company at the lower of the two valuation multiples.
Debate Around TSLA, SPCX Merger Black wrote that investors cheering a combined company are leaning on a familiar promise: that putting two big "AI" stories together creates extra value.
He said that argument falls apart when almost any tech narrative can be packaged as an AI angle, citing companies such as Salesforce Inc.
