$TSLA $SPCX $ARKX #Tesla #SpaceX #Merger #CorporateGovernance #Investing A fact in SpaceX's holders' favor: the person who controls the paying side pays with them. Musk owns 44.7% of SpaceX and 17.7% of Tesla, so a premium to Tesla's holders costs him more than it pays him; at 30% his net is about minus $61 billion on market prices. Under his 2025 Tesla award as written, a deal below $505.98 a Tesla share forfeits all 423.7 million unearned shares, $10.5 billion net to him at market and $42.4 billion at 30%, on top of the premium. On the documents as they stand, his economics run against any premium and his gain is control. The terms that would change that are a replacement of the award in the combined company and the direction of the deal.