路透社周四报道，一些参与可能的SpaceX-特斯拉合并工作的人士担心，埃隆·马斯克的公开言论可能招致股东审查，并使进程推迟数周。路透社记者米拉娜·文（Milana Vinn）从一位了解谈判情况的人士处获悉了这一信息。
Some of the people working on a possible SpaceX-Tesla merger worry that Elon Musk’s public comments could draw shareholder scrutiny and delay the process by several weeks, Reuters reported on Thursday. Milana Vinn of Reuters heard this from a person with direct knowledge of the talks.
周二，马斯克在SpaceX的财报电话会议上表示，两家公司都已成立由独立董事组成的特别委员会，以研究合并事宜。他还表示，合并是个好主意。路透社的消息人士称，这一披露给合并进程带来了“混乱”，因为这可能引发关于特斯拉股东利益代表程度的疑问。TNW未能独立核实路透社的报道。
On Tuesday, Musk told SpaceX’s earnings call that both companies had formed special committees of independent directors to study a merger. He also said a merger would be a good idea. Reuters’ source called that disclosure a “mess” for the process, because it could raise questions about how well Tesla shareholders’ interests are represented. TNW has not independently verified Reuters’ report.
马斯克的说法如下：“因为我是利益相关方，我实际上无法参与特别委员会的讨论，”马斯克在电话会议上表示。
What Musk said“Because I’m a conflicted party, I can’t actually be in the discussions of the special committees,” Musk said on the call.
在SpaceX的网络直播中，他说，特别委员会是应股东要求成立的，尚未商定任何条款。一项交易需要获得所有特斯拉股份（包括未投票的股份）50%的支持。他称这是“相当高的门槛”。他补充说，将合并称为必然会“言过其实”。
On the SpaceX webcast, he said the committees were set up at the request of shareholders and had not agreed any terms. A deal would need the backing of 50% of all Tesla shares, counting those that do not vote. He called that “quite a high hurdle”. Calling a merger a certainty would be “overstating it”, he added.
“我认为这是个好主意吗？是的。但归根结底，股东必须支持这件事，”马斯克表示。
“Do I think it would be a good idea? Yes. But at the end of the day, the shareholders have to be supportive of this,” Musk said.
马斯克未点名委员会成员。根据其代理文件，特斯拉有七名独立董事，包括董事长罗宾·登霍姆（Robyn Denholm）。伊拉·埃伦普莱斯（Ira Ehrenpreis）也在SpaceX董事会任职。去年9月，马斯克称，为何两家公司仍保持分离是个“好问题”。
Musk did not name the committee members. Tesla has seven independent directors, including chair Robyn Denholm, according to its proxy filing. Ira Ehrenpreis also sits on SpaceX’s board. In September, Musk called the question of why the two were still separate companies a “great question”.
特斯拉在次日举行的自身财报网络直播中未就合并问题回答任何提问。马斯克没有补充任何内容。
Tesla took no questions on the merger on its own earnings webcast a day later. Musk added nothing.
“我想我昨天已经把该说的都说了，当时像在雷区中跳踢踏舞，”马斯克表示。
“I think I said everything that should be said yesterday, tap dancing through a minefield there,” Musk said.
桌面上的架构 这些公司已聘请顾问，但谈判仍处于早期阶段，三位知情人士向路透社透露。据一位知情人士称，SpaceX 在最近几周主动接触了特斯拉。选项包括 SpaceX 收购特斯拉，或双方在一家新控股公司旗下合并。这些公司也在权衡支付方式，包括全股票交易。
The structures on the table The companies have hired advisers, but the talks are at an early stage, three sources told Reuters. SpaceX approached Tesla in recent weeks, a person familiar with the matter said. The options include SpaceX buying Tesla or the two merging under a new holding company. The companies are also weighing how to pay, including an all-stock deal.
据该人士称，顾问们也在与马斯克的律师接触，以确保他不参与谈判。据路透社统计，马斯克持有特斯拉近五分之一的股份，以及 SpaceX 略低于一半的股份。SpaceX 估值约 2 万亿美元，特斯拉近 1.5 万亿美元，因此这笔交易将成为史上最大规模。
Advisers are also in contact with Musk’s lawyers to make sure he stays out of the talks, the person said. Musk owns nearly a fifth of Tesla and just under half of SpaceX, according to Reuters. SpaceX is worth about $2 trillion and Tesla nearly $1.5 trillion, so a deal would be the largest ever.
与日历赛跑 知情人士向彭博社透露，还有推动力量希望在 2027 年上半年前宣布达成交易，以便在唐纳德·特朗普仍在任总统期间完成交割。他们表示，时机取决于特斯拉董事会何时对细节感到满意。TNW 也未能独立核实该报道。
A race against the calendar There is also a push to announce a deal by the first half of 2027, so that it closes while Donald Trump is still president, people familiar with the matter told Bloomberg. The timing depends on when Tesla’s board is comfortable with the details, they said. TNW has not independently verified that report either.
彭博社报道，在 SpaceX 获批应更容易，因为马斯克控制着超过 80% 的投票权。特斯拉则较难，因为马斯克仅持有其约五分之一的股份。彭博社还报道，特斯拉已推动其工程师从 Anthropic 的 Claude 模型转用 SpaceX 的 Grok 模型进行编码。
Approval should be easier at SpaceX, where Musk controls more than 80% of the voting power, Bloomberg reported. Tesla is harder, because Musk owns about a fifth of its stock. Bloomberg also reported that Tesla has pushed its engineers to switch from Anthropic’s Claude to SpaceX’s Grok models for coding.
据彭博亿万富翁指数测算，若交易被认定为其特斯拉薪酬奖励中的控制权变更，可能为马斯克财富增加逾 1100 亿美元。这将使其约 2.86 亿股特斯拉股份一次性归属，而非等到 2028 年 1 月。是否适用取决于交易如何构建。
A deal could also add more than $110 billion to Musk’s fortune if it counted as a change in control under his Tesla pay awards, according to Bloomberg Billionaires Index calculations. That would let about 286 million of his Tesla shares vest at once, rather than in January 2028. Whether it applies depends on how the deal is structured.
据路透社报道，一些知情人士认为，这与特斯拉2016年收购SolarCity（一家由马斯克表亲创办的太阳能公司）的先例相似。股东曾起诉，称马斯克推动该交易是为了挽救自己的投资。法院最终认定该交易公平，但案件历时数年，特斯拉董事就相关索赔支付了6000万美元和解金。
The SolarCity precedent Some people involved see parallels with Tesla’s 2016 purchase of SolarCity, the solar company founded by Musk’s cousins, Reuters reported. Shareholders sued, arguing Musk had steered that deal to rescue his investment. The courts upheld it as fair, but the case took years, and Tesla directors settled related claims for $60 million.
此后，特斯拉已将其注册地从特拉华州迁至德克萨斯州，该案件曾在特拉华州审理。
Tesla has since moved its incorporation from Delaware, where that case was heard, to Texas.
“德克萨斯州的情况是个未知数。没有人知道德克萨斯州如何处理此类案件，因为德克萨斯州从未处理过此类案件，”哥伦比亚大学法学教授埃里克·塔利对路透社表示。
“The Texas thing is a wild card. No one knows how Texas deals with cases like this because Texas never dealt with cases like this,” Eric Talley told Reuters.
塔利表示，迄今为止马斯克的言论未必构成问题。合并甚至可能有利于股东，因为这将结束马斯克在两家公司之间分配时间的局面。他说，诉讼风险将取决于条款。
Talley, a law professor at Columbia University, said Musk’s comments so far were not necessarily a problem. A merger could even help shareholders by ending the split of Musk’s time between two companies, he said. The litigation risk would come down to the terms, he said.
监管机构与Terafab 路透社指出，鉴于特斯拉在中国的业务以及SpaceX在美国国防和人工智能领域的工作，一项交易还将面临全球监管机构的审查。
Regulators and Terafab A deal would also face regulators around the world, given Tesla’s business in China and SpaceX’s work on US defence and AI, Reuters noted.
两家公司已有业务联系。特斯拉的新款Roadster与SpaceX合作开发，并使用推进器。两家公司正在德克萨斯州共同建设Terafab芯片工厂，英特尔也参与其中。在特斯拉的网络直播中，马斯克表示，Terafab计划在明年5月或6月左右制造出第一颗测试芯片，量产时间大约在2028年第三季度。
The two companies already have business ties. Tesla’s new Roadster was developed with SpaceX and uses thrusters. Both companies are building the Terafab chip plant in Texas, and Intel is also involved. On Tesla’s webcast, Musk said Terafab aims to make its first test chip around May or June next year, with volume production around the third quarter of 2028.
他将设备成本估计为“数十亿美元”，并表示特斯拉和SpaceX仍需确定谁支付什么费用。巴克莱银行上周表示，这两家公司可能会在特斯拉12月的年度股东大会前宣布一项交易，路透社报道称。
He put the equipment cost at “tens of billions” of dollars, and said Tesla and SpaceX still have to work out who pays for what. Barclays suggested last week that the companies could announce a deal before Tesla’s annual meeting in December, Reuters reported.