$TSLA $SPCX #Tesla #SpaceX #Merger #Musk #CorporateGovernance #Investing Tesla's SpaceX stake is small and noisy: about $2.0 billion bought in March, now carried at $2.87 billion after a $1.0 billion gain in the second quarter and a $142 million loss in the third. It adds $0.69 a share to TON618's fair value; what matters more is the quarterly swing it puts into reported earnings. The combination matters more. On 20 October, on SpaceX's call, Elon Musk said both companies have formed special committees of independent directors, that no terms have been agreed, and that a Tesla vote would need a majority of all outstanding shares. Tesla's proxy for its 3 December annual meeting, filed the day before, has three items, three directors, pay and the auditor, and no combination item. A merger cannot reach that meeting on the current ballot; it would need a supplemental proxy adding an item or, as with SolarCity in 2016, a separate special meeting with its own proxy. On Tesla's own call the next day the company declined merger questions. TON618's trigger fires on a filing: a proxy that adds the item, a special-meeting proxy, or a signed agreement. Committee statements and prediction markets do not count.