SPCX Stock Prediction as Binance’s CZ Clashes With Elon Musk Over $6.3B Hack

SpaceX stock fell on Friday as Binance founder Changpeng Zhao clashed with Elon Musk over the exchange’s $6.3 billion hack. CZ asked Musk to stop trolling and cited Binance’s SpaceX shares, which he valued at more than $1 billion.

The dispute came as U.S. technology stocks extended their losses, while Wall Street analysts maintained higher price targets for SPCX.

Binance’s CZ Asks Elon Musk to Stop Trolling

Musk had responded with a grimacing emoji to an online discussion about Binance’s losses and its ability to reimburse customers. Zhao then replied directly, saying, “Elon, have a lot of respect for you, but bad time to troll. Please stop.”

In the same post, CZ said Binance’s SPCX holdings were worth more than $1 billion. He linked the shares to a $500 million investment in Musk’s 2022 Twitter takeover and asked Musk for support.

The exchange came after Binance disclosed a security incident involving more than $6.3 billion in crypto assets. Blockchain investigators TRM Labs and Chainalysis attributed the theft to North Korea’s TraderTraitor group, although investigations remain ongoing.

Binance subsequently reserved more than $6.34 billion in company funds to cover the losses. Co-CEO Yi He said annual revenue could cover the damage without selling SpaceX shares. CZ later clarified that he had never proposed selling the holdings.

SPCX Stock Falls as U.S. Stock Market Loses $1 Trillion

SpaceX stock joined a broader technology selloff on Friday, falling 4.71% to $137.11 from Thursday’s closing price of $143.89. The shares opened at $137.85 before dropping to $135.91, although buyers later pushed the price to $140.20. However, the recovery failed to erase the day’s losses as selling continued across U.S. technology stocks.

The market downturn followed disappointing earnings and forecasts from Amazon and Intel, which added to concerns about rising AI spending. According to reports, the Nasdaq-100 faced more than $1 trillion in market value losses during Friday’s trading. Investors also weighed the growing cost of AI infrastructure as technology shares remained under pressure.

For SpaceX, Friday’s decline extended a difficult October that had already seen the stock lose ground. Around 1.3 billion restricted shares became eligible for trading following the expiration of insider lockup restrictions.

SPCX Stock Prediction: Wall Street Analysts Target $250

Despite the recent decline, Wall Street analysts have maintained bullish price targets for SpaceX following its latest earnings report. According to TipRanks, 35 analysts have an average 12-month SPCX stock price target of $250.34.

The forecast, as a result, expects 82.6% upside from $137.11, with individual predictions ranging from $140 to $500, while the overall consensus remains Strong Buy.

Needham analyst Ryan Koontz maintained a Buy rating and a $250 price target. Morgan Stanley analyst Adam Jonas set a $300 target, while Bernstein’s Douglas Harned increased his forecast from $248 to $268.

Bank of America Securities analyst Ronald Epstein also maintained a Buy rating on SpaceX. The consensus includes 29 Buy recommendations, five Hold ratings, and one Sell rating.

The forecasts follow SpaceX’s third-quarter earnings, which showed revenue rising 161% annually to $14.6 billion. Net income reached $4.4 billion, compared with a $1.1 billion loss during the corresponding quarter last year.

This article provides information, not investment advice. Stock prices and analyst targets carry uncertainty and potential losses.