Since the merger of the two companies has been put on the table, analysts from JPMorgan Chase have directly presented a hypothetical merger plan today, including transaction framework, valuation, premium, voting rights, etc Core consideration: Elon Musk will have over 50% of the voting rights in the merged company Merge Framework: 1. SpaceX as the acquiring entity, to acquire Tesla through stock exchange; The reverse operation is more difficult. 2/In order to win Tesla's shareholder vote, give it a 30-35% acquisition premium; 3/Valuing the two companies at 2 trillion each, resulting in a combined value of 4 trillion US dollars; After the merger, Musk holds 34% of the shares but holds 51% of the voting rights. The main obstacle is regulatory approval in China, which is as significant as the obstacle to shareholder voting. Therefore, a plan is proposed to spin off Tesla's China business. Morgan Stanley believes that the merger of Tesla and SpaceX is not only for business synergy (https://(x.com)/SeaBitcoin/status/21110460417532778), but also a transaction to redesign Elon Musk's control over the business empire