The German “leadership” is spiraling out of control and now wants to force social media to display THE MESSAGE in every fifth post. This is not a joke: they literally want to force social media platforms to tell Germans they need to get urgently “diversified” away. While the madness spreads, the AfD keeps growing.

Massive concession: Los Angeles election officials just told a federal court they have no independent way to verify citizenship beyond what voters attest. (They simply take their word for it.) Under federal law, only citizens may vote in federal elections. Yet California has not acted on the list of 20,000 suspected noncitizens or agreed to set aside their ballots. American citizens’ votes are being diluted in California.

Want to know HOW COSTLY the lack of expeditious movement is to Tesla investors? XAI is fully HALF of SpaceX’s earnings. From the first principles standpoint - every Tesla investor gets the value of a company that owns the full physical SI stack. It exceeds the xAI value. It exceeds Tesla’s value. It exceeds SpaceXSI’s value. Get the deal done. The time is NOW. Together the companies are worth at least 10x more. Likely 100x - or even 1000x - more. They can create bigger products like the Terafab and Macrohard/Digital Optimus and AI Space Compute.

$TSLA had a record quarter of operating cash flow. The company has never generated as much cash as they have this quarter. Great job @Tesla

Tesla earnings -cars: sold out, highest backlog in 4yrs and beating gross margins, expanding all car factories -energy: sold out nearly thru 2027 -robotaxi: new cities next month, fleet sales EOY, easiest Tesla to build ever -Optimus started production -cash: positive $5B best vs expected Market: SELL!

on spaceX vs Tesla very crudely: robotaxi is a bigger opportunity than starlink but orbital compute is a *much* bigger opportunity than robotaxi and optimus requires more baking time than orbital compute and Optimus's success is predicated on access to gobsmacking amounts of superintelligence On our modeling, compared against the no merger case, even if merged at the current share price ratio Tesla shareholders would be ~1.6x better off in 2031 while SpaceX shareholders would be ~2x better off. On a longer timeframe (2036) Tesla shareholders would be ~5x better off having merged whereas SpaceX shareholders should be more indifferent ~1.3x better off. So the fair premium depends heavily on your timeframe. On longer time horizons SpaceX shareholders should be asking for a discount. On shorter time horizons Tesla shareholders should be asking for a premium. But everyone is better off with a merged entity. A 30% premium paid on Tesla's share price to day would effectively split the difference on the 2031 time frame; Tesla acquired at a 50% discount would equilibreate return differentials on the 2036 time horizon.

It is obvious that @elonmusk is Chief Problem Solver of America. Give him whatever resources he needs and get out of his way. I explained on @AmericaNewsroom this morning.

Tesla - SpaceX Here is the plan, give us a couple of days to set it all up. 1. Shareholder letter to Independent Directors of Tesla (will send survey to sign before end of week). @Amy787 2. Let's use the Dec 3 vote to prepare the next one (will send out surveys soon): a) gather information who could vote easily, will help others to choose recommendable brokers b) gather information who signed up and for which option for the Voluntary Retail Voting Program c) understand who still has issues voting and try to solve these for the Dec vote. Make early and easy implementable recommendations to improve all for the second vote Will need all of your help, so glad I can count on you.

There's a lot of speculation around an incoming SpaceX and Tesla merger Here's 8 ways both companies BENEFIT IF it happens: 1. Investment-grade debt instead of private credit $TSLA has $43.5B of cash and did $4.7B of operating cash flow last quarter. $SPCX is seeking $40B of debt just for NVIDIA chips and Morgan Stanley estimates it needs ~$84B of outside capital per YEAR through 2034 A combined company funds this with cash flow and investment-grade debt instead of private credit. Saving even 2-3 points of interest on $40B is $1B+ a year, and that compounds across the entire buildout 2. Starlink replaces cellular in every Tesla Today, carriers collect an estimated $10/month per connected car, a large % of the total Tesla charges. Moving this in-house to Starlink not only means 100% of revenues moves in-house, but also a better product with (eventually) no dead zones 3. Starlink for Robotaxi and Humanoid Robots Cybercabs are already getting built with Starlink inside them, a merger would mean this can come with no additional cost/sale required between the companies 4. Compute at cost and better optionality Tesla has its own training compute today, which doubled in the first half of 2026, but FSD, Robotaxi and Optimus are only just getting started and they will need a LOT more compute SpaceX is already building this out at size with 10GW expected by EOY 2027. Rather than leasing this to Tesla at market prices ($30M/MW ish right now), Tesla's extra demand can simply run on SpaceX compute at cost SpaceX also now has more optionally with their compute. To move between leasing, using for Grok or now using for Tesla products 4. Energy at cost Tesla deployed 13.7 GWh of energy storage last quarter and xAI/SpaceX is one of Tesla's biggest customers ($430M of mostly Megapack revenue in 2025). Merged, the data centers get Megapacks at cost with guaranteed supply, and yes, that intercompany revenue disappears in consolidation, but it's a wash since it's saved as an expense on the other side 5. Terafab gets built FASTER Terafab today is a joint venture between two separately owned companies, so every major decision crosses two boards, two capital committees, and negotiated cost-sharing agreements. Merged, one owner makes the call and capital moves the same day. Construction starts in December, and that speed advantage compounds through every phase after the first $16.8B. Elon's whole edge is iteration speed, and a JV structure is the opposite of that 6. Killing the duplicate overhead Two public companies means two of everything: two legal departments, two HR orgs, two finance and audit functions, two IR teams, two procurement groups buying from the same suppliers. Combined SG&A is about $11.2B. Cutting 15-25% of the ~$3.4B corporate slice of that is about $0.5-0.9B a year (est). Not the headline reason to merge, but still useful 7. A potential tax arbitrage SpaceX's AI buildout generated $3.7B of losses in the first half alone Merged, those losses offset Tesla's taxable profit at the 21% corporate rate, worth roughly $0.3-1.0B a year Though looks like SpaceX is soon going to generate a profit, so this may be irrelevant after next earnings 8. Combined Data for Training Tesla's fleet generates real-world data, X and Grok have additional data and SpaceX has its own data. Currently Tesla and SpaceX data are separate and have corporate boundaries and conflict disclosure issues Once merged, this can all be combined for more data, all in one place, trained across the same GPU clusters And of course big picture, there is plenty of overlap across all of SpaceX and Tesla products, so having it under one roof means they can build for a more seamless future (see my post below for more details on this) What else am I missing? Also, I remain bullish on both of these companies and both have a spot in my Milk Road PRO portfolio. You can see my entire portoflio here: link.milkroad.com/t5837z

Two important changes to timeline recommendations: - New AI/SI ranking model that predicts probable time spent much better - Retrieval model trained to surface posts people read all the way through User active seconds is growing exponentially and hitting all-time highs almost every day: