Without a holding company:

In ~5 years, Elon steps down as Tesla CEO, remains as Chief Product Officer

In ~10 years, leaves Tesla completely to focus on SpaceX and Neuralink. Starts selling his TSLA stock.

This is fairly obvious to me.

However if a holding company is formed, Elon will oversee Tesla, SpaceX (and dozens of other ventures tbd) until the day he dies or loses the cognitive function to run it. Could be another 40 years. Makes a big difference.

Personally, I think @elonmusk is the best investor of capital and innovator at scale in our generation, and that might be an understatement.

This is an opportunity to create a structure that would optimize his time and interests the most.

The key is Elon would need to receive over half the voting rights in the holding company via super-voting shares. This way he can ensure the long-term focus of the company. Otherwise, it's a no-go and I don't think would be in the interest of Elon as it would put SpaceX at risk.

One idea is to give every shareholder that has held TSLA stock for more than 5 years special class of super-voting shares. Their TSLA stock would be converted into special class of stock in holding company with 5:1 voting power per share owned (vs normal class of shares).

This would allow Elon to convert his shares to new class of shares in holding company together with long-term TSLA shareholders, and together they would have majority voting control of the holding company.