From the perspective of control, how much does Lao Ma want to integrate Tesla into SpaceX? The answer is very much wanted. From the shares and voting rights, it can be seen that: 1) Lao Ma holds about 20% of Tesla's shares, and Tesla is a single class stock without super voting, so Lao Ma's voting rights in Tesla are also around 20%. 2) But SpaceX is different Lao Ma holds a 48.4% stake in SpaceX, but SpaceX adopts a dual class ownership structure: Class A (common stock, 1 vote) is given to public investors, while Class B (super voting stock, 10 votes) is mainly concentrated in the hands of Musk and insiders. He holds the vast majority of Class B shares, with voting rights of around 82% -85%, far higher than his economic shareholding ratio. After Spcx went public, he almost had absolute control, and he basically led the board elections and major decisions. This comparison shows that Lao Ma's shareholding in Tesla is not high, and he has repeatedly expressed that he feels it is not enough in the long run (especially worried about AI, autonomous driving, robots and other "powerful technologies" being dominated by others or being squeezed out). He has explicitly stated that without about 25% influence, he is more inclined to work on these products outside of Tesla. Entrepreneurs like Lao Ma pursue both a great vision and sufficient control over their business system. According to estimates from some institutions, if SpaceX acquires Tesla (which analysts generally believe to be the most likely structure as SpaceX has dual ownership), the combined company would have approximately 56% of voting rights and still have absolute control. In this way, he can incorporate Tesla's assets (especially AI, robots, autonomous driving, Terafab chip manufacturing, etc.) into his already absolute control system, gaining more stable control than he currently has at Tesla, while avoiding the uncertainty of simply continuing to "buy control" in Tesla or relying entirely on compensation plans.