Tesla Inc (NASDAQ:TSLA) shares are moving higher in extended trading on Thursday following reports that SpaceX is considering a potential tie-up with the EV maker.
- Tesla stock is showing upward movement. What’s pushing TSLA stock higher?
Musk-Led Companies Could Join Forces
Elon Musk’s SpaceX is mulling a potential merger with Tesla and xAI, according to Bloomberg. All three companies are owned by Musk.
People familiar with the matter reportedly said SpaceX has been discussing a potential deal with Tesla as some investors in the companies have expressed interest in the idea.
The news comes just hours after reports surfaced that SpaceX was considering a potential tie-up with xAI ahead of the space exploration company’s planned IPO later this year. A potential deal would reinforce the idea that Musk is pushing for a public debut this year in order to raise capital to build out orbital data centers, per Reuters.
SpaceX is reportedly eyeing an IPO in June at a valuation of around $1.5 trillion.
TSLA Stock Gets A Boost
TSLA Price Action: Tesla shares were up 3.11% in after-hours, trading at $429.51 at the time of publication on Thursday, according to Benzinga Pro.
Tesla is currently trading 2.3% below its 20-day simple moving average (SMA) and 1.3% below its 100-day SMA, indicating some short-term weakness. However, shares have increased by 7.06% over the past 12 months and are positioned closer to their 52-week highs than lows, reflecting a generally positive long-term trend.
The RSI is at 43.93, which is considered neutral territory, while the MACD is below its signal line. Key resistance is at $499, while key support can be found at $424.50.
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