CORRECTION: Tesla Motors (TSLA) Founder Elon Musk's SpaceX Rocket Explodes

July 30, 2016 – 05:01 pm

NEW YORK (TheStreet) - Earlier this morning, TheStreet reported that Tesla Motors (TSLA - Get Report ) is affiliated with SpaceX, when in fact the two are separate unrelated companies, despite both being founded by Elon Musk.

An unmanned SpaceX rocket exploded shortly after lift-off on Sunday, according to the AP.

The rocket was carrying more than 5, 200 pounds of supplies and other cargo to the International Space Station, when it broke apart two and a half minutes into the flight, the AP reports.

The failed cargo mission marked the third accident in eight months for NASA, the AP noted.

Separately, Palo Alto, Calif.-based Tesla Motors designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. It owns its sales and service network.

TheStreet Ratings team rates TESLA MOTORS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate TESLA MOTORS INC (TSLA) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."


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