SpaceX IPO Adds Second Musk Stock. It’s a Problem for Tesla (1)

For years, there was only one way for mom-and-pop investors to buy into Elon Musk’s vision: shares of Tesla Inc. That’s about to change — and it’s a serious risk for Tesla investors.

With the imminent initial public offering of Space Exploration Technologies Corp., better known as SpaceX, the market will have an additional entry point for the “Muskonomy.” Wall Street pros see investors’ attention and capital inevitably being siphoned away from Musk’s electric-vehicle maker and to his shiny new toy.

“This cannot be a positive for Tesla,” said Joe Gilbert, portfolio manager at Integrity Asset Management ...