Tesla and SpaceX boards form committees to explore potential merger

Elon Musk announced Tuesday that Tesla and SpaceX boards have formed special committees to explore a potential merger, though no terms have been agreed and any deal requires approval from 50% of all Tesla stockholders. Musk, CEO of both companies, said he is excluded from committee discussions due to his conflicted position, but favors the proposal. He cautioned that a merger is not guaranteed, noting shareholders must be supportive, while SpaceX shareholder backing should be simpler given his majority voting control. The combined companies would be valued near $3.5 trillion, surpassing all prior corporate mergers. SpaceX reported its first quarterly profit as a public company, posting $4.4 billion net income on $14.6 billion revenue, while Tesla's upcoming annual meeting ballot contains no merger vote.