An investor known for its long-term support of Elon Musk is reportedly reducing its stakes in Tesla and SpaceX, according to CNBC. The move comes after a broader selloff following the U.S. midterm elections, during which Tesla and SpaceX shares fell by 11% and 9%, respectively. The two companies’ boards have formed independent committees to evaluate a potential merger, but no formal terms have been disclosed. The market now assigns only a 9.5% probability of a merger announcement by December 31, down from 20% a week earlier.
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