For years, Tesla Inc. (NASDAQ:TSLA) investors have argued about one question that has never had a clear answer: How much of Tesla’s valuation belongs to Elon Musk?

The debate has become increasingly important as Tesla’s market value has grown far beyond what traditional automotive metrics would suggest. Bulls argue the company deserves a premium because it sits at the center of multiple disruptive technologies, from autonomous driving and robotics to artificial intelligence and energy storage.

Bears have long countered that part of Tesla’s valuation reflects something less tangible: the market’s willingness to bet on Musk himself.

Now, investors may finally get a way to measure it.

The Arrival Of A Second Musk Stock

The expected SpaceX IPO is generating excitement because it would give public investors access to one of the world’s most valuable private companies.

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