Seems like anyone who has three "shares" of X now has 1 share of xAI+X, which by Musk's valuation is three times as valuable as X. Assuming the xAI share price

Seems like anyone who has three "shares" of X now has 1 share of xAI+X, which by Musk's valuation is three times as valuable as X. Assuming the xAI share price is wildly inflated, it seems that the inflated valuation has devalued their actual holdings. Eg, for an extreme example, if xAI is worth zero, their actual holdings are now a third of what they were.