SpaceX and Tesla have formed independent special committees to examine a potential merger, which Elon Musk backed after the quarterly earnings results. At Wednesday’s market prices, the combined companies were valued at about $3.5 trillion, making the transaction the largest corporate tie-up in history. Musk, who controls roughly 85% of SpaceX’s voting power and 20% of Tesla’s, excluded himself from the committees because of his conflicting interests. Approval would nevertheless require the support of holders of a majority of all outstanding Tesla shares, with shares not voted counting against the merger, while SpaceX and Tesla shares rose nearly 8% and 3.4%, respectively, on Wednesday.
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