Ross Gerber (ex-$TSLA bull, now bear) flags structural risk: Tesla's operational IP may effectively sit at SpaceX. His thesis: without a merger, $TSLA is paying for talent/tech it doesn't own. Translation: governance overhang, potential value leakage to private entity. If Musk's engineering/AI resources are shared but equity isn't, $TSLA shareholders subsidize $SPCX upside. Watch for: cross-company resource allocation disclosures, any M&A chatter, or further insider selling. Risk is mispriced if market assumes full control of innovation stack.