According to Benzinga, Future Fund managing partner Gary Black warned Tesla investors on Thursday to stop hyping a potential merger between Tesla and Elon Musk's SpaceX. Black stated that if the deal were structured as a stock-for-stock transaction, arbitrageurs would erode any shareholder premium before close.

Black estimated that even if SpaceX-powered new Roadsters sell 3,000 units annually at $100,000 profit per vehicle, the contribution to Tesla's 2029 EPS would be only $0.06—roughly 1.1% of consensus 2029 EPS estimates of $5.40. However, he acknowledged the Roadster's design and performance capabilities could strengthen Tesla's brand image.

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