SpaceX and Tesla explore merger that would unite more than 30,000 bitcoin
- Independent directors at SpaceX and Tesla are assessing a merger of the two Elon Musk-led companies.
- A merger would combine the companies’ bitcoin holdings into a treasury of 30,221 BTC, although no transaction terms have been agreed.
- SpaceX shares jumped 9% in premarket trading after revenue and earnings beat expectations, with Tesla due to report after the close.
SpaceX SPCX and Tesla TSLA are exploring a potential merger, Elon Musk, the CEO and a shareholder of both companies, said on Tuesday, raising the prospect of combining two of his biggest companies and more than 30,000 bitcoin BTC$82,687.80.
Musk owns about 36% of space and AI-focused SpaceX outright, rising to 48.4% including restricted shares and unexercised options, according to a June filing. His reported beneficial ownership of electric-car maker Tesla is 19.8%, including restricted compensation shares.
Speaking during SpaceX’s third-quarter earnings call, Musk said both companies had formed special committees of independent directors to assess a tie-up. A combination would unite SpaceX’s reported 18,712 BTC and Tesla’s 11,509 BTC, for a total of 30,221 BTC.
“Do I think it would be a good idea, yes. But at the end of the day, the shareholders have to be supportive of this,” he said.
His interests in both companies prevent him from participating in committee discussions.
“It's an odd kabuki dance where two groups of people are talking, and I can't be in the conversation,” Musk said. “The special committees have not reached agreement on the terms of any transaction.”