A SpaceX filing with the SEC says any merger with Tesla would require approval from the special committee, the board of directors and the controlling shareholder, Elon Musk, who holds roughly 85% of SpaceX’s voting power. Musk recused himself from the negotiations and said he was staying out, despite publicly endorsing the deal, which reportedly disrupted the independent process. Tesla shareholders would need to approve the merger with 50% of all outstanding shares, rather than a simple majority of votes cast. The two companies’ special committees are evaluating a deal that could create a combined company worth around $3.5 trillion, while REX Financial estimates that Musk would hold roughly 57% of the combined voting power.
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