Tesla holders may get no premium to swap into Musk’s merged SpaceX
According to Reuters, Musk holds about 85 percent of SpaceX’s voting power through super-voting shares and roughly 20 percent at Tesla.
Bill Birmingham, head of research at REX Financial, estimates a merger would give him about 57 percent of voting rights.
Ryan Zurrer, founder of Dialectic, puts it at 58 percent at an exchange ratio of 0.7 of one SpaceX share, the illustrative level Barclays has floated, while Barclays estimates Musk would hold about 37 percent of the equity and 56 percent of the votes.
No ratio has been negotiated. Zurrer told Reuters a ratio near 0.6 would be needed for Musk to keep control if he sold more equity, and that “the biggest hurdle will be the Tesla shareholders vote vs Elon’s own incentives”.
Musk said the Tesla side needs a majority of all shares, not just those voted, so every uncast ballot counts against a deal, Reuters reported.
