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Musk says SpaceX and Tesla are exploring a $3.5 trillion merger
Elon Musk said during a SpaceX earnings call that the boards of SpaceX and Tesla have set up special committees of independent directors to study combining the two companies.
Elon Musk said on Tuesday that SpaceX and Tesla are exploring a merger, a move that would fold his rockets, electric cars and artificial intelligence businesses into a single company, The New York Times reported.
Speaking on an earnings call for SpaceX, Musk said the boards of the rocket maker and the carmaker had formed special committees of independent directors to consider a deal. “Do I think it would be a good idea? Yes,” he said, adding that as a conflicted party he would stay out of the discussions.
Musk is both chief executive and largest shareholder of the two companies. Based on their current market values, a combined company could be worth about $3.5 trillion.
SpaceX executives have floated the idea of combining the companies since the rocket maker’s initial public offering in June. On the same call, SpaceX reported that its revenue had more than doubled, driven by its AI business.
Supporters of a merger point to overlaps in software and hardware: SpaceX’s business spans rockets, AI models and the Starlink satellite internet service, while Tesla builds cars, self-driving technology and robots.
Some lawmakers and critics oppose a tie-up, arguing that Musk, whose net worth has recently hovered around $1 trillion, already holds too much power.
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