Barclays: Tesla–SpaceX merger could be announced before December, giving Musk 56% voting power
aakashgupta · x · 2026-10-16
Barclays analysts say a Tesla–SpaceX merger could be announced before Tesla's annual meeting in early December, most likely as an all-stock deal where Tesla shareholders get 0.7 SpaceX shares per Tesla share plus a premium.
Key points:
- Musk would own 37% of the combined company with roughly 56% of voting power — effectively taking control without spending cash.
- Tesla's approved pay package could grant him only 25% voting power even at an $8.5T valuation; he said in January 2024 he wanted 25% control to build Tesla into an AI and robotics leader.
- After a Delaware judge voided the 2018 package, Tesla reincorporated in Texas and shareholders approved 423.7M shares split into 12 tranches, each unlocking at higher market-cap milestones.
Related event: Barclays: Tesla-SpaceX Merger Could Be Announced by December(3 posts)→
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