Musk: SpaceX and Tesla committees discuss potential merger

The disclosure matters less for what it confirms than for what it reveals about governance: two of Musk's most valuable ventures are formally exploring a combination while their figurehead is recused. That recusal is the signal worth noting, since any tie-up would face shareholder votes at both companies, making the special committees the real decision-makers rather than Musk himself. Whether those committees produce a formal proposal, and how shareholders on each side weigh a combined entity against standalone exposure, is the open question.