Nicolas Owens

You know, so those are dilution type events that investors I think should keep in mind.

You don't have a say about it because the chairman has 85% of the votes.

It seems highly likely to me.

And I think there's some kind of sound, let's say, operational reasons why they want to share resources and be able to move people around and work on the chip fab and all these things without being accused of diverting resources or whatever.

So if you put it all under one roof, today what they have to write up as a related party transaction, which sounds kind of squirrely,

It would just be like, hey, we're doing this project and it's really cool.

But the question mark and me and the analyst who covers Tesla for Morningstar, Seth, we wrote up a piece kind of analyzing these scenarios.

The open question would just be like, at what type of deal terms for Tesla shareholders?

have a little more of a say because uh elon musk only controls about up to 20ish percent of the votes there so they'd have to kind of like make it right for tesla shareholders which um there's got to be some overlap there too right with like the yeah it's some of the same people sure yeah

Thanks so much for having me, Zade.

Appreciate it, Nicholas.

Have a good one.

You were clearly the mastermind in a plot that led to your son-in-law's death.

A man who simply thought he was coming to Utah to pick up his wife and children.

In the court's view, you're incredibly dangerous and your character and actions show that any rehabilitative needs are overcome by your willingness to kill simply for you or your children's convenience.

The headline number that you just mentioned is the weighted average of three scenarios.

And the way we valued SpaceX was in three parts, essentially, the rocket piece, Starlink, and the AI piece, which is itself kind of a set of moving parts.

I would argue that the Rocket and Starlink is more straightforward.

It's a more mature part of the business.

And in most of our scenarios, they're worth, say, $611 billion in terms of enterprise value, some $40 a share, let's say.