Remember that xAI acquired Twitter/X, a failing overvalued business. And then SpaceX acquired xAI for a highly dubious $250 billion even though they’re irrelevant in AI. And today SpaceX’s president talked about merging with Tesla (https://techcrunch.com/2026/06/12/spacex-president-gwynne-sh...), another weakening business.

It seems like a shell game if being played where one company is used to bail out the investors of other companies. With all this merging, shouldn’t there be a case for breaking up SpaceX and not having it become some overly large conglomerate? How are all these dubious moves being blessed by boards of these companies - are they corrupt and stacked with Elon’s friends?

And what of the pay structure Musk has. Will a merger with Tesla trigger its conditions in a dishonest way?

Ultimately, SpaceX is WAY overvalued. Morningstar valued them at roughly half of the IPO price they were seeking (https://www.morningstar.com/stocks/spacex-what-investors-nee...). This spike does not make sense, and people will likely get burned at some point. But Musk will become a trillionaire.

To be clear, companies are valued at whatever people are willing to pay for stocks. Their real financial performance is, as far as I can tell, completely detached from stock price in any real physical form. The only thing that matters is what investors are willing to pay. If that’s true (which it is, right), the stock market is basically just gambling. At which point, rationally, the SpaceX IPO makes sense.

> roughly half of the IPO price they were seeking

That's already very high. Their profitable businesses are (1) Starlink and (2) Launching satellites. Starlink is growing revenue at maybe 50%, and revenue for launching satellites is growing maybe 10% annually.

But Goldman Sachs, which is leading the IPO process is telling investors that it expected SpaceX’s total revenue to reach $474 billion in 2030, up from $18.7 billion last year. That's 25x growth of revenue in just 4 years.

Twitter isn't failing. It makes a little bit some quarters and loses a little bit other quarters.

Don't forget that Tesla bought SolarCity to bail out Musk's cousins. I need a chart of all his mergers.

Elons wealth is entirely in his companies. His worth is what people estimate his shell game is worth. There isnt really an option where Elon can pull the full value out of the company and walk away.