Tesla-SpaceX merger hinges on shareholder vote, Musk says

Elon Musk says a Tesla-SpaceX merger has merit but is not certain, citing the need for approval from two independent committees and a Tesla shareholder vote. Wall Street analysts widely expect a deal by the end of next year. Tesla shares rose over 3% and SpaceX gained 12% following the news. The companies are jointly developing a Terafab chip plant, with AI now generating more than half of SpaceX's revenue and $35-40 billion in fourth-quarter spending planned for expansion. Musk holds about 85% of SpaceX voting power but roughly 20% at Tesla, and analysts estimate a merger could give him 57-58% control. Governance concerns echo Tesla's 2016 SolarCity acquisition, which faced years of litigation over its independent committee process.