Direxion Daily TSLA Bull 2X Shares (TSLL) surged 5.02% during the intraday session on Monday, reflecting heightened investor interest in Tesla-linked securities.
The rally follows news that Bill Ackman's SPARC will distribute Special Purpose Acquisition Rights (SPARs) to Tesla shareholders, enabling them to invest directly in SpaceX or monetize their rights. Each Tesla share would receive approximately 0.5 SPARs, which can be exchanged for SpaceX shares. This proposal aligns with SpaceX CEO Elon Musk's earlier remarks about allowing Tesla supporters to invest in SpaceX, potentially boosting Tesla's appeal to investors.
Additionally, SpaceX is reportedly preparing for a potential IPO with a valuation as high as $1.5 trillion, which could further enhance the value of the SPARs and, by extension, Tesla shares. The news has sparked optimism among traders, driving up the price of TSLL, a leveraged ETF tied to Tesla's performance.
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