Business · Updated 21 Oct, 09:30 am IST
Musk backs possible SpaceX-Tesla merger as SpaceX posts quarterly profit
Why it matters for readers: It matters because it links rockets, cars and AI work and hints at new ways big tech firms might combine technologies.
- Elon Musk said he would back a merger of SpaceX and Tesla but warned it is not a certainty.1
- Special committees of independent directors at both SpaceX and Tesla have been set up to study the proposal.1
- SpaceX posted net income of $4.4 billion for the July–September period and revenue of $14.6 billion, a 161% increase year‑on‑year.1
- Shares in SpaceX rose nearly five percent in after‑hours trading following Musk's remarks, and Musk said any deal would need a majority of all Tesla shares to approve it.1
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