THE BARE STORY
Elon Musk said SpaceX and Tesla are exploring a possible merger, with both companies’ boards establishing special committees to consider a transaction.
Musk said a combination could support work in artificial intelligence software, chip design, semiconductor manufacturing and robotics. He said the deal would require approval from holders of 50% of all Tesla shares and cautioned that a merger was not certain.
SpaceX reported third-quarter revenue of $14.6 billion, up 161% from a year earlier, and net income of $4.4 billion, compared with a $1.05 billion loss in the same quarter last year. The company said recurring Starlink revenue and growth in its artificial intelligence infrastructure contributed to the results.
Shares of both companies rose following the announcement. Tesla was also due to release its third-quarter earnings after the market close Wednesday.
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