Tesla and SpaceX take first step toward possible merger

Tesla and SpaceX have each formed a special committee within their boards of directors to explore a possible merger, according to Elon Musk, CEO of both companies. The announcement came during SpaceX's quarterly earnings call, held a few months after its first public listing. The article describes Musk seeking greater control of Tesla, where his stake is around 22% following the restoration of his pay package. The author hypothesizes that this package could include automatic share delivery in the event of a merger, and argues that such a deal would dilute all shareholders.

• Both companies formed special committees to explore a merger, per Musk.
• Musk's Tesla stake is around 22% after his pay package was restored.
• The author argues a merger would dilute all shareholders.

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