The Briefing
- On October 20, SpaceX and Tesla each activated independent board committees — at shareholder request — to formally evaluate a potential merger that could be valued at $3.5 trillion; Musk is excluded from both groups as a "conflicted party"
- SpaceX's Super Intelligence segment reported $7.6 billion in Q3 revenue — overtaking its Starlink connectivity unit for the first time — making AI the central argument for combining the two companies
- Any deal requires approval from 50% of all outstanding Tesla shares, not just votes cast; Musk's roughly 20% Tesla stake means he cannot deliver that majority on his own
