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In brief: It appears that Elon Musk's corporate empire could be heading for another major reshuffle. Tesla and SpaceX have formed special committees to explore a merger, confirming months of speculation about a combination of his two biggest companies. Musk likes the idea, though he cautions that investors shouldn't treat it as a done deal.

Speaking during SpaceX's third-quarter earnings call on October 20, Musk said independent directors are examining a potential agreement. He's staying out of their discussions because his position at both firms creates a conflict of interest. The committees have yet to agree on terms.

"I do think there's a lot of merit to combining the companies," Musk said.

Credit: App Economy Insights

The proposed combination would bring Tesla's electric vehicles, energy business and robotics efforts together with SpaceX's rockets, satellite internet and AI operations.…