Tyler Crowe

For every share of Class B he owns, it's 10 votes compared to the one.

You could dilute the company by hundreds of billions, potentially even trillions of dollars in shares that would not even cede control of the company away from Musk.

You have things like that.

You have the colony of 1 million people on Mars.

It sounds cool on paper, right?

But what tangible benefits does that give to shareholders in terms of returns?

I know that we want to invest in the future.

We want to invest in ambitious ideas, but we do want to make money on those ideas.

And it's not really clear that that's a money-making endeavor.

And look...

I have been saying things like this, you know, corporate structure, executive pay, and I bet a bunch of people will say, who cares?

Because, you know, they believe in Elon Musk and he'll figure it out.

But this structure completely divorces the success that Elon Musk could have with the company versus like your success as an investor.

And of all the things in the S1, this one would concern me the most as an individual investor.

Now,

I kind of went on a long tangent here.

I think I kind of revealed my cards as to what I'll be saying about the verdict with this company.

But after the break, we're going to basically give our final conclusions on do I want to buy this IP or not?

All right, so we laid out the bullish ideas, the what's good, what's nice about the SpaceX S1, some of the things that we don't like.

But, you know, investing is all about balancing those goods and those bads to whether it's worth it or not.