Because that's probably when the GP bought in, and the GP is mostly concerned about what their return would be from this.

A 54% premium on the current price is absolutely in the ballpark of "tremendous potential." If you think it's not, it's easy to vote against this. I'm not sure I buy Elon's "the company has to be private to make these changes" argument, and if there was a path for current public shareholders to remain private shareholders and potentially reap the rewards of a future acquisition or second IPO, I think a lot of them would be all for it.