[EARNINGS CALL] SpaceX (SPCX) CEO Musk says a merger between SpaceX and Tesla (TSLA) would be a good idea but is far from certain, noting that shareholder support is required, including approval from 50% of all Tesla shares

• Both SpaceX and Tesla have formed special committees to discuss this idea.

Speculation around combining affiliated entities under common control has precedent in this founder's history, and the prior episode in which a listed company acquired a related private business is instructive on process: it was approved by majority-of-minority vote, drew prolonged litigation over conflicts, and was ultimately defended on valuation grounds after years of challenge. Special committees at both entities fit the standard playbook for interested-party transactions, where the committee process and the fairness opinion become the documents that matter in any subsequent shareholder suit. The stated hurdle, approval from half of all Tesla shares rather than half of votes cast, is a materially higher bar than the typical quorum-based threshold and shifts the math toward abstentions counting as effective opposition, which is the tell for whether this advances. The watch items are sequencing rather than valuation: committee composition, whether an independent adviser is engaged, any disclosure of an exchange ratio framework, and the reaction of large index holders whose position on related-party combinations tends to be cautious. Until a formal proposal exists, the trade is headline-driven positioning in the listed entity, with the private side's valuation feeding the debate over dilution and governance.