Residents of Musk's SpaceX Town Receive a Warning about Their Rights
Some residents of Starbase, Texas, the town built around Elon Musk's SpaceX, were told that they may lose the right to use their property the same way they do now. This comes as the town considers a new zoning plan that would allow homes, offices, stores, and small service businesses in a proposed 'Mixed Use District.' As a result, a public hearing is scheduled for June 23 to discuss the changes. Interestingly, Starbase became an official town earlier this month after a local vote that was supported by SpaceX.
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It is now run by officials who either currently or previously worked for the company, and most of the town's 500 residents either work for SpaceX or are related to employees. The town also includes a 1.6-square-mile launch site where SpaceX tests its huge Starship rockets. By becoming its own city, Starbase gives SpaceX more freedom to build, test, and launch rockets without much outside interference. SpaceX is also pushing to close roads and beaches during launches without needing special approval.
It is worth noting that Musk's goal for Starship is to send people and equipment to the Moon and, one day, to Mars. Since 2008, SpaceX has received more than $20 billion in government contracts and is expected to keep getting billions more each year. In addition, after the ninth Starship test ended in an explosion this week, Elon Musk said the focus would be on learning from the failure.
What Is the Prediction for Tesla Stock?
When it comes to Elon Musk's companies, most of them are privately held. However, retail investors can invest in his most popular company, Tesla (TSLA). Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 16 Buys, 10 Holds, and 11 Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $282.70 per share implies 18.9% downside risk.
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