Tesla Outstanding Shares Merger Simulation Spreadsheet Page 1 of the Q2 10-Q had a tiny footnote with big consequences: "As of July 16, 2026, there were 3,949,547,394 shares of the registrant’s common stock outstanding." Where did the additional 190m shares come from? It's quasi entirely Elon's exercise of the 2018 comp package and transformation thereafter to Restricted Stock, minus the 96m stock that was forfeited to not double dip with the Plan B for the Tornetta case. In the 3.95bn number are included the 12 tranches of 35m each for the 2025 comp plan milestones. Currently all still unachieved. So they have to be adjusted depending on Tesla's stock price / market cap. I just updated my merger simulation spreadsheet accordingly. Remember, it has a lot of assumptions that may not come true (see top lines), yet it is currently the best I can come up with. If you have copied a version of the older model, please update with the current version (file -> make a copy). Please do not create new sheets in mine.