Renowned investor George Noble estimates Space Exploration Technologies has a fair value of about $30 per share, implying roughly 80% downside from current levels. Noble, a former top Fidelity portfolio manager, called the IPO a manufactured squeeze and one of the largest wealth transfers ever packaged into a fanciful story. He said Starlink is a wonderful business worth hundreds of billions of dollars but far less than SpaceX's roughly $2 trillion market value, adding that this is the most grossly overpriced stock at scale he has ever seen. Noble also pointed to CEO Elon Musk's track record of underdelivering, noting that an analysis of over 600 of his public predictions found fewer than 20% were delivered on schedule.
Tesla Inc