Elon Musk discusses SpaceX and Tesla merger
Elon Musk has confirmed that his companies, SpaceX and Tesla, are currently in talks about a potential merger. Each company has established independent committees to study the idea in preparation for presenting it to shareholders. He clarified that the merger could bring significant benefits in areas such as artificial intelligence, chip design, robotics, and space communications. This announcement comes alongside SpaceX revealing record quarterly profits of $4.4 billion and increasing its revenue to $14.58 billion in the third quarter, with substantial growth in AI-related revenues. Following the announcement, the stocks of both companies rose—SpaceX by 8% and Tesla by 1.8% in after-hours trading. Musk emphasized that the deal would require shareholder approval, and that the joint chip manufacturing project, "TeraFAB," aims to start pilot production in 2024 and reach commercial production in 2028.
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