Don Carciofi

[Bill Ackman @BillAckman]

.@elonmusk, what if we took @SpaceX public by merging it with Pershing Square SPARC Holdings, Ltd. (SPARC) a new form of acquisition company that was approved by the @SECGov.

We could distribute SPARC special purpose acquisition rights (SPARs) to @Tesla shareholders so that all Tesla shareholders would have the right to invest in the SpaceX IPO, or they could choose to sell their SPARs to someone else.

This would reward loyal Tesla shareholders with the opportunity to invest in SpaceX (or with cash for their SPARs), while totally democratizing the IPO process.

In addition to receiving common stock in SpaceX, exercising SPAR holders would also receive Pershing Square SPARC Holdings II SPARs, which we could use to take @xai public at the time of your choosing.

Pershing Square would due diligence on behalf of all shareholders and would commit $4 billion of capital to the IPO at a fixed price per share.

SPARC has no underwriting fees, founder stock or shareholder warrants, and we would waive our right to receive SPARC sponsor warrants.

The result would be an IPO without any underwriting fees or dilutive securities issued. @SpaceX would go public with a 100% common stock capital structure and it would not incur any transaction costs other than modest legal fees which SPARC would pay from its cash on hand.

We could raise whatever amount of capital you would like by adjusting the exercise price of the SPARs. Assuming we issue 0.5 SPARs for each share of Tesla, there would be 1.723 billion SPARs outstanding including the 61.1 million SPARs that are already outstanding. Since one SPAR would be exercisable for two shares of SpaceX, the SPARs would be exercisable for 3.446 billion total SpaceX shares.

So, if we set the SPAR exercise price at $11.03, SpaceX would raise $42.0 billion, $38 billion from the exercise of SPARs and $4 billion from Pershing Square, or if we set the SPAR exercise price at $42.0, SpaceX would raise $148.7 billion, $144.7 billion from the SPAR exercise and $4 billion from us.

SPARC is indifferent to how much of the shares are primary versus secondary shares giving the company maximum flexibility.

We could do due diligence and enter into a definitive agreement committing to the transaction within 45 days, at which point it would be certain that SpaceX would go public at a fixed valuation subject only to SEC approval of the merger proxy/registration statement. Our commitment to the transaction would not be subject to market conditions.

We could start work right away and announce the transaction by mid- February.

It only seems appropriate that the most innovative and efficient rocket company in the world should go public in the most innovative, efficient, and fairest-to-Tesla-shareholders manner possible.

To Mars and beyond!

What do you say?

[Elon Musk @elonmusk]

Very important to vote for Superjudge Brad Schimel and voter ID today in Wisconsin!

[WikiLeaks @wikileaks]

"Nine out of ten USAID dollars spent in 2022 went to contractors, mostly in the DC area. Less than one in ten went to front line groups."

https://t.co/Piko5ZhXzc

[Elon Musk @elonmusk]

My talk today at the Presidential Parade

[hitesh.eth @hmalviya9]

- The US will regulate the crypto market in 2025.
- TVL in DeFi protocols will exceed $250B.
- IAOs will peak out, resulting in the death of many LARP AI agents in 2025.

Here are the top 15 crypto predictions for 2025 🧵🧵

[Robert F. Kennedy Jr @RobertKennedyJr]

On January 20, the Trump White House will advise all U.S​. water systems to remove fluoride from public water. Fluoride is an industrial waste associated with arthritis, bone fractures, bone cancer, IQ loss, neurodevelopmental disorders, and thyroid disease. President ​@realDonaldTrump and First Lady @MELANIATRUMP want to Make America Healthy Again.​ @michaelpconnett

https://t.co/Q1wSXoiO5F

[Jared Isaacman @rookisaacman]

I try to offer balanced takes, which makes me politically uninteresting, but I wanted to share some thoughts on the recent We, Robot event.

Through one lens, Tesla is a public company with a premium valuation that often rides a rollercoaster of momentum. Some investors are 'all in' on the dream, confident that future performance will mirror past successes as autonomy, AI and robotics continue to build on a disruptive, profitable platform already operating at scale. But many investors wanted immediate, tangible details they could underwrite—something they could taste now, rather than imagine for the future. The perils of being a public company.

Now, set aside most of the pubco dynamics and look at things from a different perspective. One of the most accomplished entrepreneurs, with more financial resources than anyone else in the world, just gave us a decent glimpse of his vision for the future. Whatever your take on the CyberCab, RoboVan, or the state of autonomous driving, these concepts point toward a transportation future that is more environmentally sustainable, safer and efficient—with real corporate revenue optionality. Equally importantly, they inject a sense of futuristic excitement that inspires others to embark on similar grand endeavors.

As for Optimus, the AI-powered humanoid robot, it looked noticeably improved from its last appearance. That is progress. A robot like that, priced similarly to a car, has the potential to be a force multiplier with far-reaching global economic implications.

So the guy may be off on his timelines, but at least someone is taking these ambitious moonshots. He has the talented workforce, the resources and the experience to will these futuristic endeavors into reality. And when they do arrive, driving to the supermarket and getting your groceries will likely look a lot different. The world will undoubtedly benefit from it, not to mention his shareholders—and we all will be one step closer to the future we want to live in.

[Bill Ackman @BillAckman]

A number of my good friends and family have been surprised about my decision to support @realDonaldTrump for president. They have been surprised because my political giving history has been mostly to Democrats, my voting registration has typically been Democrat (in NY, you must be registered to the party in order to vote in the primary, and usually the Republican candidate has no chance to win), and many of our philanthropic initiatives have supported issues that are consistent with Democratic priorities.

All of the above said, I have always considered myself to be a centrist and/or moderate, and I have voted for the candidate and supported the issues and policies that I believe are in the best interest of the country. Some have accused me of supporting Trump because doing so will somehow benefit me financially. Fortunately, I do not need any financial benefits as I and my family have well more than we need. I have also committed to give away the substantial majority of my resources at or by the time I am no longer, so I don't consider personal financial benefits in the determination of whom I support for office.

Some have suggested that I am supporting Trump because I am seeking a position in his administration. To be clear, I haven't been offered one and I wouldn't take a job in the administration (I love my job and it is the wrong time in my life to work in an administration). I will, however, do everything else I can to help the president succeed in helping our country and its citizens.

All of the above said, I am an investor who manages funds that own some of the best, principally American, businesses in the world. In a better governed and managed America, these business will do better and increase in value faster. One might therefore argue that being 'long' America is somehow a conflict, so I thought to disclose this potential 'conflict' here.

Some of my friends and family who support @KamalaHarris are ok with my supporting Trump, but don't want me to attempt to convince others to support him. Because I strongly believe that a Trump administration will be better for the country and the world than a Harris administration, I think it is important to share my thinking to the extent it helps others come to the right conclusion.

Three months ago, when I endorsed Trump on the day of the first assassination attempt, I promised to share my thinking about why I came to this conclusion in a future more detailed post. I intend to do so in possibly more than one post, with the first, this one, explaining the actions and policies of the Biden/Harris administration and Democratic Party that were the catalysts for my losing total confidence in the administration and the Party.

To be clear, my decision to vote for Trump is not an endorsement of everything he has done or will do because he is an imperfect man. Unlike a marriage or a business partnership where there are effectively unlimited alternatives, in this election, we have only two viable choices. Of the two, I believe that Trump is by far the superior candidate despite his flaws and mistakes he has made in the past.

As always, I welcome your feedback on how I could be wrong and on how the below actions and policies I outline below might actually have been good for America. I have always believed that the best way to get to the truth is to hear the best arguments on all sides of an issue.

While the 33 actions I describe below are those of the Democratic Party and the Biden/Harris administration, they are also the actions and policies that unfortunately our most aggressive adversaries would likely implement if they wanted to destroy America from within, and had the ability to take control of our leadership.

These are the 33:

(1) open the borders to millions of immigrants who were not screened for their risk to the country, dumping them into communities where the new immigrants overwhelm existing communities and the infrastructure to support the new entrants, at the expense of the historic residents,

(2) introduce economic policies and massively increase spending without regard to their impact on inflation and the consequences for low-income Americans and the increase in our deficit and national debt,

(3) withdraw from Afghanistan, abandoning our local partners and the civilians who worked alongside us in an unprepared, overnight withdrawal that led to American casualties and destroyed the lives of Afghani women and girls for generations, against the strong advice of our military leadership, and thereafter not showing appropriate respect for their loss at a memorial ceremony in their honor,

(4) introduce thousands of new and unnecessary regulations in light of the existing regulatory regime that interfere with our businesses’ ability to compete, restraining the development of desperately needed housing, infrastructure, and energy production with the associated inflationary effects,

(5) modify the bail system so that violent criminals are released without bail,

(6) destroy our street retailers and communities and promote lawlessness by making shoplifting (except above large thresholds) no longer a criminal offense,

(7) limit and/or attempt to limit or ban fracking and LNG so that U.S. energy costs increase substantially and the U.S. loses its energy independence,

(8) promote DEI ideologies that award jobs, awards, and university admissions on the basis of race, sexual identity and gender criteria, and teach our students and citizens that the world can only be understood as an unfair battle between oppressors and the oppressed, where the oppressors are only successful due to structural racism or a rigged system and the oppressed are simply victims of an unfair system and world,

(9) educate our elementary children that gender is fluid, something to be chosen by a child, and promote hormone blockers and gender reassignment surgeries to our youth without regard to the longer-term consequences to their mental and physical health, and allow biological boys and men to compete in girls and women's sports, depriving girls and women of scholarships, awards, and other opportunities that they would have rightly earned otherwise,

(10) encourage and celebrate massive protests and riots that lead to the burning and destruction of local retail and business establishments while at the same time requiring schools to be shuttered because of the risk of Covid-19 spreading during large gatherings,

(11) encourage and celebrate anti-American and anti-Israel protests and flag burning on campuses around the country with no consequences for the protesters who violate laws or university codes and policies,

(12) allow antisemitism to explode with no serious efforts from the administration to quell this hatred,

(13) mandate vaccines that have not been adequately tested nor have their risks been properly considered compared with the potential benefits adjusted for the age and health of the individual, censoring the contrary advice of top scientists around the world,

(14) shut down free speech in media and on social media platforms that is inconsistent with government policies and objectives,

(15) use the U.S., state, and local legal systems to attack and attempt to jail, take off the campaign trail, and/or massively fine candidates for the presidency without regard to the merits or precedential issues of the case,

(16) seek to defund the police and promote anti-police rhetoric causing a loss of confidence in those who are charged with protecting us,

(17) use government funds to subsidize auto companies and internet providers with vastly more expensive, dated and/or lower-quality technology when greatly superior and cheaper alternatives are available from companies that are owned and/or managed by individuals not favored by the current administration,

(18) mandate in legislation and otherwise government solutions to problems when the private sector can do a vastly better, faster, and cheaper job,

(19) seek to ban gas-powered cars and stoves without regard to the economic and practical consequences of doing so,

(20) take no serious actions when 45 American citizens are killed by terrorists and 12 are taken hostage,

(21) hold back armaments and weaponry from our most important ally in the Middle East in the midst of their hostage negotiations, hostages who include American citizens who have now been held for more than one year,

(22) eliminate sanctions on one of our most dangerous enemies enabling them to generate $150 billion+ of cash reserves from oil sales, which they can then use to fund terrorist proxy organizations who attack us and our allies. Exchange five American hostages held by Iran for five Iranians plus $6 billion of cash in the worst hostage negotiation in history setting a disastrous and dangerous precedent,

(23) remove known terrorist organizations from the terrorist list so we can provide aid to their people, and allow them to shoot rockets at U.S. assets and military bases with little if any military response from us,

(24) lie to the American people about the cognitive health of the president and accuse those who provide video evidence of his decline of sharing doctored videos and being right wing conspirators,

(25) do nothing about the deteriorating health of our citizens driven by the food industrial complex, the fraudulent USDA food pyramid, and the inclusion of ingredients in our food that are banned by other countries around the world which are more protective of their citizens,

(26) do nothing about the proliferation of new vaccines that are not properly analyzed for their risk versus the potential benefit for healthy children who are mandated to receive them,

(27) do nothing about the continued exemption from liability for the pharma industry that has led to a proliferation of mandatory vaccines for children without considering the potential cumulative effects of the now mandated 72-shot regime,

(28) convince our minority youth that they are victims of a rigged system and that the American dream is not available to them,

(29) fail to provide adequate Secret Service protection for alternative presidential candidates,

(30) litigate to prevent alternative candidates from getting on the ballot, and take other anti-competitive steps including threatening political consultants who wish to work for alternative candidates for the presidency, and limit the potential media access for other candidates by threatening the networks' future access to the administration and access to 'scoops' if they platform an alternative candidate,

(31) select the Democratic nominee for president in a backroom process by undisclosed party leaders without allowing Americans to choose between candidates in an open primary,

(32) choose an inferior candidate for the presidency when other much more qualified candidates are available and interested to serve,

(33) litigate to make it illegal for states to require proof of citizenship, voter ID, and/or residence in order to vote at a time when many Americans have lost confidence in the accuracy and trustworthiness of our voting system.

I welcome your thoughts.

[The Culturist @the_culturist_]

You've seen this before. It's the "treasury" of the ancient, rock-cut city of Petra.

But do you know what it actually is — or more interesting, what's inside?

It isn't what you might expect... (thread) 🧵

[Tucker Carlson @TuckerCarlson]

Elon Musk is all in.

(0:00) Elon Musk Is All in on Donald Trump
(6:35) Providing Starlink to Victims of Hurricane Helene
(9:22) If Trump Loses, This Is the Last Election
(21:49) The Epstein and Diddy Client List
(33:38) Vaccines
(35:49) The Movement to Decriminalize Crime
(50:22) Gavin Newsom
(53:11) Europe’s Declining Birthrate
(57:02) We Need Religion
(1:08:04) Why Is There So Much Anti-Human Messaging?
(1:19:33) AI and the Woke Mind Virus
(1:43:01) Musk’s Role in a Trump Administration

Includes paid partnerships.

[Elon Musk @elonmusk]

People want to know the truth

[Elon Musk @elonmusk]

Wise words of JFK

[Elon Musk @elonmusk]

Live conversation on 𝕏 with @realDonaldTrump & me at 8pm ET tomorrow

[Elon Musk @elonmusk]

Freedom of speech is the bedrock of democracy. If the truth is suppressed, it is impossible to make an informed voting decision.

The degree to which freedom of speech is being undermined around the world is extremely alarming.

[Elon Musk @elonmusk]

The rise in prices (inflation) is caused by government overspending, which increases the amount of money faster than the increase in goods & services output.

That is the vast majority of the problem.

Inflation was particularly bad during the Covid years, as there was massive government spending, despite productivity plunging, as people were forced to stay home.

This is further exacerbated by excess regulation, which prevents the market from solving an unmet need (eg housing in high-demand areas).

Occasionally, there is monopolistic behavior by companies, but this is relatively rare and usually only possible if those companies have gained control of their industry regulator. Again, a government, not private sector, problem.

[Elon Musk @elonmusk]

This platform provides a clear and immediate way to refute anything false in the replies and with @CommunityNotes.

The same is not true for legacy media who lie relentlessly, but there is no way to counter their propaganda.

[Bill Ackman @BillAckman]

.@melindagates apparently does not consider me to be a philanthropist yet the @PershingSqFdn (our family’s foundation) and an affiliated DAF have made grants of more than $700m, have foundation assets of ~$1 billion still to give, and I am a signatory of the Giving Pledge. And unlike Melinda, every dollar of philanthropic gifts I have made, came from money I earned, not resources I married into.

All of that said, I don’t believe that philanthropy is the answer to societal problems. @elonmusk has done more for the world with his for-profit enterprises than any philanthropist ever.

In my experience, many if not most philanthropic organizations are inefficient and/or ineffective. For-profit organizations are vastly more effective in addressing societal problems than non-profits.

Therefore, in my view, philanthropy should be focused on addressing societal issues for which there is no current for-profit solution.

https://t.co/mAcKfFydo1