Summary: A Tesla–SpaceX merger could be exciting, but Tesla shareholders should focus on whether robotaxi value is recognized before any deal. If Tesla is valued before robotaxi economics are fully reflected, shareholders could risk giving up autonomy upside through an unfavorable exchange ratio, dilution, or ownership structure. A Tesla–SpaceX merger might sound exciting. But for Tesla shareholders, the most important question is not whether combining Elon Musk’s companies would create a...

There are moments when a legacy company doesn’t just sound cautious. It sounds late. That was the vibe coming out of Berkshire Hathaway’s annual meeting when Ajit Jain, Berkshire’s legendary insurance executive, was asked about AI in insurance. His basic answer? AI may help with repetitive work, but when it comes to things like pricing policies or settling claims, he’s skeptical. That kind of judgment, in his view, is still years away. [1] That would be a reasonable answer in 2014. In 2026,...

A post from Nick Gibbs on X recently cut through the noise in a way that deserves to be taken seriously. His point was simple: if you never offer constructive criticism of Tesla or Elon, and you treat everything they do as perfect, you're not adding signal. You're adding noise. He's right. And the reason it stings for some people is that it isn't an attack on the company. It's a higher standard applied because of what the company is trying to build. Tesla doesn't get better because people...