I enjoyed this video and love the work Alexandra (@TeslaBoomerMama) and Amy (@Amy787) are doing to help with this potential merger. But I like to address something Herbert (@herbertong) said that not only I disagree with, I actually think is counterproductive to spread that message. No, Herbert, the share exchange ratio matters enormously, both short and long term. Suggesting it won’t matter because the combined company might eventually be worth $100 trillion is absurd. Our ownership percentage determines how much of that $100 trillion we get! The reason I want to address it is because this is the third time I’ve heard Tesla investors and content creators suggesting that getting the merger done quickly is more important than the terms. Frankly, I’m concerned we’ll start hearing this more frequently from the people who wanted bad to be done fast. So let’s remember a few things and think this through: 1- xAI was built partly with talent developed at Tesla, but Elon created it outside Tesla to maintain control. SpaceX eventually acquired it, leaving Tesla shareholders without direct participation in its growth. 2- SpaceX shareholders have already enjoyed extraordinary returns and now stand to benefit enormously from xAI. Meanwhile, Tesla investors have endured years of volatility, delays, and disappointing returns while financing the development of FSD, robotaxis, and Optimus. 3- Tesla is finally approaching the commercialization of those technologies, whose enormous potential isn’t yet reflected in earnings. Why should we surrender that upside without a healthy acquisition premium? Any other company trying to acquire Tesla today would have to pay a substantial premium. Why should SpaceX be any different? 4- we’ll probably hear the reasoning that SpaceX’s AI compute revenue is about to explode, potentially reaching $500B to $1T, so Tesla shareholders should accept whatever terms are offered to participate in that growth ASAP. That’s nonsense. Elon is an extraordinary entrepreneur, but forecasting market demand has never been his strongest skill. Assuming today’s reported $50 per watt compute pricing will persist as another 20 GW of capacity comes online is extremely optimistic. Demand may remain enormous, but prices can fall substantially. 5- Waiting could actually benefit shareholders of both companies. Suppose SpaceX reaches $250B in revenue, only half of Elon optimistic prediction, it could generate $80B–$100B in profits, and commands a $4T–$5T valuation. Meanwhile, Tesla probably will trade around $400–$450, worth approximately $1.5T–$1.75T, as robotaxi and Optimus profits take longer to materialize. SpaceX could then make an offer of share exchange ratio of 2.5 to 1 and it will be over 80% premium for Tesla shareholders and it would dilute much less SpaceX shareholders. Waiting is not necessarily bad, a larger SpaceX valuation could make it easier to offer Tesla shareholders a substantial premium while limiting the percentage dilution experienced by SpaceX shareholders. We might lose some initial SpaceX growth but we might gain bigger premium and easier approval process which is very important. I agree that getting the merger done sooner rather than later would be preferable, especially considering the political and regulatory uncertainties surrounding the next election cycle. Ideally, I would like to see the transaction completed, sealed, and locked in well before that becomes an issue, but that doesn’t mean the terms shouldn’t be favorable. Finally, we need to trust the process. The people working on a potential merger understand these issues far better than most of us. I am sure they are working hard to find terms that are acceptable to both groups of shareholders while minimizing conflicts of interest, legal challenges, and unnecessary litigation. The merger matters and the timing matters, but the valuation, premium, dilution, and exchange ratio matter just as much.