The committees were formed at the boards of both companies and are composed of independent directors. Elon Musk is chief executive of Tesla and SpaceX, but he is not a member of either committee and is not participating in the special-committee discussions.
TechCrunch reports that Musk described himself as a conflicted party because he leads both companies. The publication says he made the comments during SpaceX’s earnings call, where he also said he supported the idea of combining Tesla and SpaceX while cautioning that a merger was not guaranteed.
According to TechCrunch’s account of Musk’s remarks, shareholders requested the creation of the committees. The supplied reports do not identify their members beyond describing them as independent directors, and they do not establish a transaction structure, valuation or timetable for a possible deal.
The review remains at an exploratory stage. The committees had not reached agreement on the terms of any transaction, and the available reporting says the outcome was not guaranteed. No merger transaction had been completed according to the supplied reports.
The possible combination would also raise questions for investors, although the available evidence does not establish a particular financial outcome. Electrek reports that a merger could dilute shareholders, including retirement savings exposed to major stock indices; that consequence remains a possibility rather than a confirmed result.
What happens next is unresolved. The supplied reports do not establish whether either committee will recommend or approve a merger, nor do they provide details on how a transaction would be structured or valued. For now, the confirmed development is that both boards have created independent committees to examine the possibility, while Musk remains outside those discussions.