"Tesla to Announce Merger with SpaceX Before December Shareholder Meeting"

[Financial News] Barclays, a global investment bank, said a merger between Tesla, led by Elon Musk, and SpaceX could be announced before Tesla’s annual shareholder meeting.
In a report on the 14th (local time), Dan Levy, Barclays’ Tesla analyst, said, “We expect Tesla’s annual shareholder meeting to be held before December 6 at the latest.”
The analysts noted that a merger between the two companies could bring financial synergies, but that its true value would lie in vertically integrating their artificial intelligence (AI) technologies.
Barclays said, “A merger between the two companies is gradually becoming the market consensus,” and analyzed that “if the announcement is delayed until late October or early November, it would put pressure on the timeline for securing approval for the merger at the annual meeting.” Market experts and investors have long expected the two companies to merge following SpaceX’s largest-ever initial public offering (IPO).
SpaceX has purchased at least $100 million (about 135 billion won) worth of Tesla Cybertrucks, while xAI is also buying Tesla energy storage batteries in large quantities.
The two companies also plan to jointly produce, through the Terafab project in semiconductor manufacturing, not only semiconductors for Tesla electric vehicles, robotaxis and Optimus humanoid robots, but also chips dedicated to SpaceX satellites.
Musk has also recently signaled that the two companies’ areas of overlap are growing, saying during an earnings call that Tesla “overlaps with SpaceX in many ways.”
Barclays identified shareholder voting as the biggest obstacle to a merger, since it would require approval from shareholders of both companies. Barclays said, “At last year’s Tesla annual meeting, about 11% of shareholders who held their shares through securities firms did not submit proxy forms,” adding, “Tesla will have to make every effort to increase shareholder participation if it is to win the vote on a merger with SpaceX.”

[email protected] Lee Seok-woo, International Affairs Correspondent Reporter