I Strongly Oppose the Tesla–SpaceX Merger (1/13) @elonmusk @Gwynne_Shotwell Tw… · @mylifeonmystyle · TwKit

@mylifeonmystyle

I Strongly Oppose the Tesla–SpaceX Merger (1/13) @elonmusk @Gwynne_Shotwell Two extraordinary companies. One unnecessary merger. I’m bullish on Tesla. I’m bullish on SpaceX. I admire Elon Musk’s ability to turn seemingly impossible ideas into successful businesses. But I strongly oppose merging these two companies. Not because I doubt Elon’s vision. Because building a bigger empire and maximizing shareholder returns are two very different objectives. On October 20, Musk confirmed that both companies had established special committees to explore a merger. No agreement has been reached. Yet Wall Street is already debating potential acquisition premiums. I believe investors are asking the wrong question. It’s not how much bigger the combined company could become. It’s whether existing Tesla shareholders would actually be better off. ① Synergy Doesn’t Require a Merger Tesla and SpaceX already have compelling opportunities to collaborate in AI, chips, robotics, energy, and communications. Joint ventures, licensing agreements, and commercial partnerships can capture much of that value. Why merge entire balance sheets when targeted cooperation may accomplish the same goals? ② Tesla May Be Entering Its Payoff Phase After years of investment, Robotaxi and Optimus could eventually become major earnings engines. SpaceX, meanwhile, is pursuing enormously capital-intensive projects, including Starship and space-based AI infrastructure. Both companies have extraordinary potential. But their capital requirements and expected payoff timelines may differ dramatically. A merger could redirect capital away from Tesla’s highest-return opportunities. The combined company might eventually become worth more, while existing Tesla shareholders earn less along the way. ③ A 30% Premium May Be a Bad Deal A premium over today’s stock price doesn’t automatically compensate shareholders for surrendering Tesla’s independent growth potential. The real calculation must include: Tesla’s standalone value. SpaceX’s fair valuation. Future capital requirements and dilution. The timing of expected cash flows. Merger synergies that can actually be quantified. Without those numbers, a 30% premium is just a headline. ④ Governance Matters Musk has significant interests in both companies. Institutional investors and long-term individual shareholders may also have different investment horizons. That makes independent valuation, transparent negotiations, and strong minority-shareholder protections essential. Trust in Elon is not a substitute for fiduciary responsibility. ⑤ Shareholder Value Comes First Tesla shareholders invested in Tesla. They didn’t necessarily sign up to finance every project in Musk’s expanding business empire. I want Tesla to dominate autonomous transportation, robotics, and energy. I want SpaceX to revolutionize access to space and computing infrastructure. I want both companies to succeed—independently. Over the next 12 posts, I’ll examine the financial, strategic, and governance arguments against this merger. My position is straightforward: The burden of proof belongs to those proposing the merger—not to shareholders questioning it. Until the numbers demonstrate superior long-term value per existing Tesla share, my vote would be NO. Next (2/13): If Tesla and SpaceX Can Already Work Together, Why Merge? @mylifeonmystyle #Tesla #SpaceX #TSLA

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