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Fortune
Fortune
Business
Amanda Gerut

Elon Musk says Tesla and SpaceX are weighing a $3.5 trillion merger—without him in the room

Man in a suit jacket hands raised

It’s official: Tesla and SpaceX are in talks. Independent board members at the two Elon Musk-led companies have formed special committees to hash over a possible merger, Musk told investors during SpaceX’s third-quarter earnings call Tuesday.

“These special committees consist of independent directors, and because I’m a conflicted party, I can’t actually be in the discussions of the special committees,” said Musk, who was asked about a potential combination during the call. “This is definitely the kind of question where I feel like I’m tap dancing through a minefield.”

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