If you hold shares in a company that gets bought, your share is converted into your portion of the proceeds. You can't refuse. In this case, Elon wants to let

If you hold shares in a company that gets bought, your share is converted into your portion of the proceeds. You can't refuse. In this case, Elon wants to let current investors stay investors, so you should be able to hold your share and it'll convert into whatever the private equity equivalent will be.