

Is he actually selling shares? Imo this move might actually be more about gaining more control percentage wise.
Similar to how he increased his control when he folded Twitter into xAI (at a imo very favorable valuation for him), which gave him a larger share of the combined company.
If he merges space x and xAI (especially at a high valuation of the latter), he would own more of the combined company as he owns more of xAI then space x.
For me the only surprising thing is how existing shareholders seemingly just let him dictate these mergers and valuations. But I guess they face a dilemma where valuation depend so much on Elon that they have to play by his rules or risk loosing even more.

Imo they also has their charging network, which was a differentiating feature. But imo it was clear that eventually it was something that becomes less important the wider general adoption progresses.
Not sure, but I think they also were early or at least better than legacy car makers with over the air software updates.
But nowadays I don’t see any standout thing that sets them apart. Tesla got the early lead due others imo facing the inventors dilemma, but they didn’t progress further and now others caught up.