Move the deal-value split and watch Elon Musk's blended ownership of the combined company. He owns ~42% of SpaceX but ~20% of Tesla — so the ratio decides where his stake lands between those two.
Musk's voting control of the merged entity ≈ ~82%, held via Class B super-voting shares — independent of the economic split above. This structural lever, not the ratio, is what actually secures control.
How it works: Musk's blended stake = (SpaceX% × SpaceX value + Tesla% × Tesla value) ÷ combined value. Because his SpaceX ownership exceeds his Tesla ownership, weighting the deal toward SpaceX raises his percentage — but a controlling-shareholder deal like this faces fairness opinions, independent special committees and Delaware "entire fairness" review, so a real ratio is bounded near each company's independent value, not wherever maximizes his slice.
Disclaimer. Fully hypothetical, for illustration only — not a prediction that any merger will occur, and not investment, legal or tax advice. Default inputs (~42% SpaceX, ~20% Tesla, ~$1.5T each) are approximate figures from mid-2026 public reporting and can be edited above.