Jet.AI Inc. (NASDAQ:JTAI) stock continued tanking Thursday following its 1‑for‑200 reverse stock split that took effect before Wednesday's market open. 

The company pointed focus to a fresh $5 million investment in a special purpose vehicle tied to Elon Musk's SpaceX and xAI‑related entities. 

On Wednesday, Jet.AI began trading split‑adjusted after converting roughly 129.4 million pre‑split shares into about 646,800 shares, significantly reducing the float. 

At the same time, the company announced an investment of $5 million into an outside special purpose vehicle (SPV) to provide exposure to SpaceX and xAI, tying Jet.AI's story to future events or re‑valuations in the Musk-led ecosystem. 

The reverse split lifted Jet.AI's stock price optics and its much tighter share count changed the trading profile, but it doesn't change the underlying dilution over the past year or the speculative nature of the new SpaceX/xAI investment angle. 

JTAI shares have fallen more than 33% since the reverse split Wednesday morning. 

High‑Beta Musk Proxy

Supporters could argue that, post‑split, the combination of a tighter float and exposure—albeit indirect—to SpaceX and xAI could justify a premium to where the shares have been trading. 

Critics could point to the stock's steep decline over the past year, over-reliance on capital‑market mechanics and the possibility of further dilution. 

One critical retail investor pointed to JTAI's tiny float and SpaceX ties in a social media post: 

"So, after the 200-1 reverse split there are effectively like 680k shares … I could buy them all for $3.8 million and get the $5 million in x.Musk? Or, better yet, I could buy them all and put these people out of their misery and shutter the damn thing," user CydoniaAnhedonia wrote on StockTwits. 

JTAI Price Action: Jet AI shares were down 6.48% at $5.34 at the time of publication on Thursday, according to Benzinga Pro data.

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