Tesla, SpaceX Weigh Merger

SpaceX and Tesla have formed special committees of independent directors to examine a possible merger at shareholders’ request. Elon Musk, chief executive of both companies, said he cannot join those talks because his dual role makes him conflicted. The companies already work together on Terafab, a planned chip-manufacturing project. Musk said he supports a merger because the companies could gain from joint work on AI software, chip design, robotics, connectivity and Terafab. At current market values, the combined companies would be worth about $3.5 trillion. Musk cautioned that no deal is certain because the committees have not agreed on terms. Any merger would need shareholder support from both companies.