Merger of SpaceX and Tesla: Combining Assets of Over 30,000 Bitcoins

SpaceX and Tesla, companies led by Elon Musk, are exploring the possibility of a merger that would combine their Bitcoin assets into a single storage of 30,221 BTC. The initiative is being handled by special committees of independent directors, but the terms of the deal have not yet been agreed upon. Musk mentioned the merger during SpaceX's third-quarter earnings call.

Ownership structure is important for understanding the procedure. Musk directly owns about 36% of SpaceX shares – including restricted shares and unexercised options, this stake reaches 48.4%, according to the June report. His beneficial interest in Tesla is 19.8%, including restricted compensation shares. It is precisely his interests in both companies that prevent him from participating in committee discussions. "Do I think it's a good idea? Yes. But ultimately, shareholders have to support it," he said. According to him, there is a "strange kabuki dance: two groups of people are talking, and I'm not part of that conversation." The committees have not yet agreed on the terms of the deal.

The merger would combine 18,712 BTC reportedly held by SpaceX and 11,509 BTC by Tesla – totaling 30,221 BTC. The exact terms of the transaction have not been agreed upon, so it is currently impossible to assess the structure of the future deal, exchange ratios, and impact on shareholders.

SpaceX shares jumped about 9% to $161 in pre-market trading on Wednesday. The reason was the company's own report: revenue of $14.58 billion exceeded the consensus of $12.7 billion, and earnings per share amounted to 35 cents compared to the forecast of 15 cents. Capital expenditures reached $19.59 billion, of which $16.44 billion was directed towards AI. The results supported the company's shares and helped revive interest in the AI sector.