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

@mylifeonmystyle

I Strongly Oppose the Tesla–SpaceX Merger (13/13) @elonmusk @Gwynne_Shotwell My Final Verdict: Tesla Shareholders Shouldn’t Have to Finance Musk’s Entire Empire After examining the proposed Tesla–SpaceX merger from 12 different angles, my position remains unchanged. I’m bullish on Tesla. I’m bullish on SpaceX. But I strongly oppose their merger. This isn’t about questioning Musk’s vision. It’s about protecting shareholder value. ① Five Reasons I Oppose the Deal 1. No compelling business necessity. Tesla and SpaceX can collaborate through contracts, licensing, and joint ventures. A merger isn’t required to unlock most potential synergies. 2. Different investment cycles. Tesla’s Robotaxi and Optimus businesses may be approaching commercialization. SpaceX is pursuing enormously capital-intensive infrastructure projects. Combining them could delay returns for existing Tesla shareholders. 3. A 30% premium may be inadequate. Our illustrative 2030 model showed that, under certain growth assumptions, Tesla shareholders could require approximately a 63% premium simply to preserve their expected standalone wealth. The actual fair premium remains uncertain. 4. Capital allocation and dilution risks. SpaceX’s investment ambitions could require substantial additional financing. Tesla shareholders may inherit exposure to those financing needs without receiving adequate economic compensation. 5. Governance conflicts. Musk has significant interests in both companies. A merger could alter voting rights, executive incentives, and control over capital allocation. History—from SolarCity and Twitter to xAI and FSD—demonstrates why independent scrutiny matters. ② What Would Change My Mind? I’m not opposed to every possible transaction. But before voting YES, I would demand six things: 1. Independent valuations: Credible standalone discounted cash-flow models for both companies. 2. A fair exchange ratio: Evidence that existing Tesla shareholders receive more long-term value than they would by remaining independent. 3. A five-year financing plan: Capital expenditures, funding sources, debt requirements, and potential dilution. 4. Quantified synergies: Measurable benefits that cannot be achieved more efficiently through partnerships. 5. Governance transparency: Full disclosure of post-merger voting rights, Musk’s control, and the treatment of his 2025 CEO Performance Award. 6. Minority-shareholder protections: Independent negotiations and meaningful safeguards against conflicts of interest. ③ The Burden of Proof Is on Musk A larger company isn’t automatically a better investment. Higher revenue doesn’t guarantee higher free cash flow. And a grander vision doesn’t necessarily produce superior returns per share. Musk must demonstrate why combining Tesla and SpaceX creates more shareholder wealth than keeping them independent. Until then, independence should remain the default. ④ Two Great Companies. Two Great Futures. I want Tesla to lead autonomous transportation, robotics, and energy. I want SpaceX to revolutionize space access, satellite communications, and orbital computing. Both companies could become far more valuable. But shareholders should have the freedom to invest in either—or both. They shouldn’t be forced into a combined investment simply because Musk wants a unified technology empire. My Final Position I respect Elon Musk’s achievements. But investing isn’t an act of faith. Tesla shareholders own Tesla—not an obligation to finance every Musk ambition. I support innovation. I support strategic cooperation. I support disciplined capital allocation. But I oppose a merger whose incremental value to Tesla shareholders remains unproven. Tesla belongs to ALL its shareholders. And until the numbers prove otherwise: My vote is NO. — End of Series (13/13) @mylifeonmystyle #Tesla #SpaceX #TSLA

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