Investor Gary Black has warned against a merger between Tesla and SpaceX, citing the Netflix-Warner Bros deal as a reason for his stance. Black argued that if SpaceX went public with its equity to explore a merger with Tesla, it would be detrimental to the investors of the commercial space flight company. He also stated that while pre-IPO SpaceX investors would approve any mergers, who would then buy the $50B of rumored SpaceX IPO shares if post-IPo SpaceX makes a significant dilutive acquisition of $TSLA, Black questioned the mathematics of such a deal.