If I was a SpaceX investor I'd be considering litigation. Saying the core product has to be rebuilt right after it gets bought by SpaceX?! Maybe the SpaceX investors would have liked some diligence about that before purchase but looks like someone had a conflict of interest about that.
By completing the SpaceX–xAI deal while both companies remain privately held, and now closed, Musk can effectively set relative valuations, negotiate terms within a founder‑controlled ecosystem, close, and then inform investors, without the procedural drag and disclosure obligations that attend a public‑company merger. That flexibility can reduce near‑term execution friction. It does not, however, eliminate fiduciary exposure; rather, it may defer scrutiny to the IPO phase, when investors and regulators will examine how and why the combination occurred, how it was priced, and how related‑party dynamics were managed.
Somehow he's flipping $1T SpaceX + $250B xAI (which is now apparently a pile of trash, according to Elon) into a $1.75T IPO because all of the insider investors think they can get away with it, and they are probably right
