Cramer Warns SpaceX Trades Like Meme Stock as Tesla Slips to $404

On June 19, investor attention has shifted sharply toward SpaceX following its record IPO, prompting Jim Cramer to caution that the stock is behaving like a meme play while Ross Gerber noted Tesla has vanished from market chatter. TSLA closed at $404.66, down 0.44%. The pivot traces to ARK Invest’s June 15-16 rebalancing that sold Tesla shares to fund $444 million in SpaceX purchases after the latter’s blockbuster debut, where shares surged 19.6% and Musk’s net worth jumped nearly 90% to $1.32 trillion. Analysts continue to contrast Tesla’s 15x sales multiple and positive cash flow against SpaceX’s 94x valuation and heavy losses.