Elon Musk pushes for a $3.5 trillion Tesla-SpaceX merger as 'special committees' weigh what would be the biggest deal ever

Elon Musk described himself as feeling like he was 'tap dancing through a minefield' when he disclosed that both companies had established independent-director committees to examine a potential merger. On a SpaceX earnings call Tuesday, he said his role as 'a conflicted party' bars him from participating in the discussions. SpaceX shares rose 8 per cent in after-hours trading. He cautioned that treating the deal as a certainty 'would be overstating it'.

Tesla approval requires support from half of all outstanding shares: 'quite a high hurdle', said Musk.

SpaceX reported a $4.4 billion quarterly profit, with revenue climbing 161 per cent.

Musk compared the arrangement to 'an odd kabuki dance' from which he is excluded.