Tesla, SpaceX Form Committees to Weigh Potential Merger, Musk Says

Elon Musk said Tesla and SpaceX have formed special shareholder committees to evaluate a potential merger, voicing his most explicit support yet for combining the two companies on Tuesday's earnings call. He said the decision rests with shareholders and that he cannot participate in discussions as a "conflicted party." SpaceX shares rose nearly 5% in late trading; Tesla gained just over 1%. SpaceX posted third-quarter net income of $4.4 billion, swinging to a profit after consecutive losses, on revenue of $14.6 billion, up 161% year-over-year. Analysts surveyed by FactSet had expected net income of $1.57 billion on $12.9 billion in revenue. Earnings per share came in at 35 cents versus a 14-cent forecast, marking SpaceX's second report since its July IPO. The results were driven by its "Super Intelligence" segment and Starlink. Separately, the Wall Street Journal reported before the call that Musk ordered a slowdown of a military-grade Starlink version, blindsiding Ukrainian officials; Musk did not address the report, and SpaceX did not immediately comment.