JPMorgan: SpaceX-Tesla merger could pave way to S&P 500

The significance here lies less in the merger itself than in the index mechanics: JPMorgan is flagging that a stock-for-stock combination could give the S&P committee room to sidestep eligibility hurdles that would otherwise keep SpaceX out. That makes the special committee's work a de facto test of how much discretion index providers are willing to exercise for a Musk-controlled entity. Whether the committee actually pursues a combination, and how the index committee treats it, is the open question worth tracking.