Tesla Alters Retail Voting Defaults, Stirring SpaceX Merger Speculation

Tesla (TSLA) will now allow retail shareholders to set standing voting instructions that automatically follow board recommendations, a change that could ease approval of board-backed proposals and raise speculation about a future SpaceX (SPCX) merger. Retail investors hold roughly 40% of Tesla's float, about double the average for large tech peers, according to Bloomberg. Mobilizing that base could help the board pass measures opposed by proxy advisers ISS and Glass Lewis, which both urged shareholders to reject CEO Elon Musk's 2025 pay package potentially worth $1 trillion. The shift also lifts the odds of a Tesla-SpaceX combination, which many investors and analysts view as inevitable. Such a deal would likely be stock-funded with a premium and would require a Tesla shareholder vote; Musk controls SpaceX, so no SpaceX vote is needed. The companies already collaborate on AI applications and semiconductor facilities. SpaceX rose 1.1% to $150.88 on Wednesday, September 30, 2026. Tesla ended up 0.6% at $354.81 after trading lower most of the day.