SpaceX's 10-Q filing on October 22 disclosed that any potential combination with Tesla would require approval from its "controlling shareholder," which is Elon Musk, who holds approximately 85% of SpaceX's voting power. This revelation comes despite Musk's public statements that he was recusing himself from the merger discussions. Both companies formed special committees on October 20 to evaluate a proposed deal analysts estimate could create a combined entity worth around $3.5 trillion. Critics have highlighted Musk's prior public endorsement of the deal, which reportedly complicated the independent negotiation process. REX Financial estimates a merged company would give Musk roughly 57% of combined voting power. Tesla's annual meeting is scheduled for December 3.