Tesla, SpaceX Form Committees to Explore Merger, Musk Says

Elon Musk said Tesla and SpaceX are discussing a merger that would combine his two trillion-dollar companies, with special committees of independent directors formed to evaluate the idea at shareholders' request. Tesla shares rose 1pc on the news. Musk, legally excluded from the process due to his major stakes in both firms, said he sees "a lot of merit" in combining operations around super intelligence software, chip design and robotics, citing the TeraFab chipmaking plant. He cautioned that a deal is not certain, noting shareholders must ultimately support it. The disclosure came as SpaceX reported quarterly revenue up 161pc to $14.6bn and a $4.4bn profit, driven by its AI business. SpaceX shares rose more than 6pc after the results.