SpaceX and Tesla explore merger that would unite more than 30,000 bitcoin
Independent committees are assessing a potential tie-up, while strong SpaceX earnings lift shares ahead of Tesla’s results.
SpaceX and Tesla are considering a potential merger, according to CEO Elon Musk, who announced on Tuesday that both companies have formed special committees of independent directors to explore the possibility. The proposed merger would unite the two major components of Musk's portfolio, combining SpaceX's 18,712 BTC holdings with Tesla's 11,509 BTC, for a total of 30,221 BTC valued at approximately $82,687.80.
Musk, who owns about 36% of SpaceX and 19.8% of Tesla, said that while he believes a merger could be beneficial, the final decision rests with the shareholders. However, Musk cannot participate in committee discussions due to his conflicting interests in both companies. SpaceX shares rose by nearly 9% to $161 in early trading, surpassing the expected $12.7 billion in revenue and beating the 15-cent forecast for earnings per share.
The company's capital expenditure reached $19.59 billion, with $16.44 billion allocated to AI. As Tesla's earnings are due after Wednesday's close, investors are now focusing on the company's upcoming report, with analysts forecasting revenue of $28.13 billion and adjusted earnings of 44 cents per share.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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