Elon Musk said special committees of independent directors were formed at Tesla and SpaceX to examine the merger, but the committees have not reached agreement on terms and there is no guarantee that they will, according to the BBC.

Musk also said the deal would need approval from at least 50% of Tesla shareholders, a hurdle he called quite high, and that — with Tesla valued at roughly US$1.5 trillion and SpaceX at US$2 trillion — the combination would rank among the largest mergers in history.