SpaceX, Tesla Merger Review Could Combine 30,221 Bitcoin

SpaceX and Tesla have formed independent-director committees to consider a possible merger, a process that could combine 30,221 Bitcoin (BTC) disclosed by the companies as of June 30. Elon Musk, CEO of SpaceX and Tesla, said during SpaceX’s third-quarter webcast Oct. 20 at 4:30 p.m. ET (20:30 UTC) that directors at both companies had formed committees to review a possible deal. The committees had not agreed on transaction terms. Musk said he was excluded from their discussions because he was a conflicted party. “Some people out there assume that a SpaceX and Tesla merger is a certainty, and I think that would be overstating it,” Musk said. As of June 30, SpaceX held 18,712 BTC, while Tesla held 11,509 BTC, acquired for $386 million.

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