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Musk says SpaceX and Tesla are exploring a merger uniting 30,221 Bitcoin

Elon Musk told SpaceX's earnings call that independent director committees at both companies are assessing a tie-up, which would combine their Bitcoin holdings. No transaction terms have been agreed.

InvestIn.News NewsDesk · 1 min read
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Picture from CoinDesk for: Musk says SpaceX and Tesla are exploring a merger uniting 30,221 Bitcoin
Image: CoinDesk
Original reporting: James Van Straten, CoinDesk

Key points

  • SpaceX holds 18,712 BTC and Tesla 11,509 BTC, a combined 30,221 BTC if merged
  • Musk owns about 36% of SpaceX outright and 19.8% of Tesla, and is barred from the committee talks
  • SpaceX shares rose about 9% to $161 premarket on revenue of $14.6bn and earnings per share of 35 cents

Speaking on SpaceX's third-quarter earnings call on Tuesday, Musk said independent director committees at both firms are assessing a tie-up, according to CoinDesk.

SpaceX holds 18,712 BTC and Tesla 11,509 BTC. Musk, chief executive and a shareholder of both, said he thinks a combination would be a good idea but that shareholders must back it. His interests in both companies bar him from the committee discussions, and he said the committees have not agreed terms for any transaction.

A June filing put his SpaceX stake at about 36% outright, or 48.4% including restricted shares and unexercised options.

SpaceX shares rose about 9% to $161 in Wednesday's premarket trading after revenue of $14.6bn beat a $12.7bn consensus and earnings per share of 35 cents beat a 15-cent forecast. Capital expenditure reached $19.6bn, including $16.4bn for AI.

What to watch: Tesla reports its earnings after Wednesday's close, with analysts forecasting revenue of $28.1bn and adjusted earnings of 44 cents a share.

Read the full story on CoinDesk

Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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