Musk Raises Tesla Stake to 19.9% via Net Settlement, Not Sale

On June 23, reports clarified that Elon Musk exercised 303.96 million Tesla options on June 16 using net share settlement rather than an open-market sale. This increased his ownership to 699.6 million shares and voting stake to 19.9%. The move follows SpaceX’s June 12 IPO, which propelled Musk’s net worth above $1.11 trillion and revived speculation of a Tesla-SpaceX combination. Prediction markets now place merger odds at 46% by May 2027, with analysts citing improved governance alignment despite Tesla trading at 370x earnings.