Tesla's shareholder vote is about more than Elon Musk's money

Between the lines: There are plenty of reasons to believe Musk is bluffing. And, even if he prevails this week, the shareholder vote may prove subordinate to Delaware courts.

Look ahead: But let's imagine Musk doesn't get his way and kicks his Tesla ball over the fence.

• Musk may need, or at least want, actual money and a liquid stock alternative to Tesla. The easiest way to achieve both would be to take SpaceX public, either in whole or via a Starlink spinoff. That's a win for SpaceX shareholders.
• He's likely to pour all his energies and resources into xAI, rather than splitting his AI ambitions between the upstart and Tesla. Particularly if he frees himself from earnings calls, quarterly manufacturing targets, etc.
• This new passion project could give Linda Yaccarino a bit more autonomy at X/Twitter, which might be an indirect win for shareholders of both xAI and X.

The bottom line: Most VCs who back Musk's new ventures do so because of his demonstrated success with Tesla, but they may quietly prefer he loses this vote.