Completely fair question and I have no reason to be disingenuous. Just one man doing this a long time with a strong opinion. But and Im not suggesting you are doing this, never take one persons opinion to form your thesis. The fact is no matter what people say, automotive sales alone even with fully unsupervised FSD will never support a multi-trillion-dollar valuation. We all know the future lies in robotaxi and optimus In order for this to work their are massive long term capital investments required, MUCH bigger than Tesla has laid out. Terrafab is essential to the long term security of Tesla and that will take multiples of initial estimates. In addition Grok will be the brains of so many elements of Tesla products in the future. The real opportunity lies in building products and platforms with unprecedented TAM’s and MOAT’s The value isn’t in any single business it’s in the ecosystem. Each of these businesses will drive massive FCF at different times to sustain the absurd amount of capex need to build out terrafab, optimus, robotaxi, Xai and orbital datacenters. As that synergy chart illustrates, the overlap between Tesla, SpaceX, xAI, Starlink, Optimus, and the broader technology stack is not a coincidence. Elon is the architect of that ecosystem. While major partnerships could accomplish some of the same objectives, there may come a point where the businesses become so operationally and strategically intertwined that a combination becomes the most logical structure. Could that happen years from now? Sure in theory but regulatory considerations also matter. And there will never be a more favorable approval environment than this moment right now.

As part of any merger process, a board and its advisors evaluate a wide range of potential remedies to secure regulatory approval, particularly in jurisdictions that could present obstacles. The language in the WSJ story suggests it was sourced from multiple individuals, making it unlikely that the reporting is entirely inaccurate. When Elon calls it “fake news,” that doesn’t necessarily mean the board never evaluated a sale or spin-off. It may simply mean that it isn’t the path they’re currently pursuing. They could have concluded that a stronger ring-fence structure where the China business operates with meaningful independence in practice, while remaining part of the combined company legally is sufficient to satisfy Xi and Chinese regulators.

In this environment or frankly any environment why would anyone choose to invest in Bitcoin, or in a company whose core strategy is simply buying Bitcoin? No one has any real visibility into where Bitcoin will be in six months, let alone six years. It has no underlying assets, produces no earnings, and generates no cash flow. Its value is entirely dependent on what the next buyer is willing to pay. We are living through one of the greatest innovation cycles of our lifetime… AI, robotics, energy, biotech, autonomy, space and yet people are choosing to allocate capital to something with purely arbitrary value instead of businesses building real products, solving real problems, and compounding real earnings…

No Tesla investor would have believed we would still be in the pilot phase a year later and to be fair Elon has been dead wrong. I’ve heard every explanation: they don’t want to dilute the SpaceX IPO, they need to validate Cybercab first, they’re waiting on a federal autonomy framework, or now, that they’re trying to keep the stock price down ahead of a potential merger. The reality is, we have no clue. And as investors, we deserve a little more honesty and transparency from Tesla about what is actually going on.

I feel you and the frustration around timelines is completely fair. And the opportunity cost of holding Tesla while other growth names have ripped is real. But at the same time, we all know how insanely hard it is to build a true unsupervised autonomy product. And when not if Tesla gets there, the moat is enormous. When Rivian says they’ll have point-to-point by year-end, we know that means nothing. On top of that, nobody, and I mean nobody is going to touch Tesla’s cost per mile for a long time. Will the Robotaxi rollout be slow? Probably. But I do think we’re getting close to the point where the bottleneck shifts from FSD itself to regulation and infrastructure. So every Tesla holder has to answer one question: do you believe rideshare demand expands dramatically if the cost drops to around $1 per mile? If yes then there is potentially massive earnings power on the horizon. I get that people are tired of hearing that because it has felt “on the horizon” for a long time. There is a point where patience turns into stupidity but personally, I feel like we’re in the 9th inning of the pilot phase, and the good times are getting close.