Related Party
Fake Elon & The Accountant
SpaceX revenue is up 161 percent and merging Tesla and SpaceX has “a lot of merit,” so both boards formed special committees. Ep. 090 sits in on the first call, where one accountant draws the combined org chart and the chart keeps drawing itself as one box.
Tuesday. SpaceX reports revenue up one hundred sixty-one percent. Musk confirms he is considering merging Tesla and SpaceX. Special committees form at both companies. This is their first meeting.
PENN: Proxy accounting. I’m drafting the combined org chart. Who does the Tesla committee report to?
ELON: The board.
PENN: The SpaceX committee?
ELON: Also the board. Same board, different letterhead.
PENN: Who owns xAI?
ELON: SpaceX. xAI and X went inside before the IPO.
PENN: And who owns SpaceX now?
ELON: The public. Since spring. Pending, Tesla. Do I think it would be a good idea? Yes.
PENN: A $1.5 trillion company merging with a $2 trillion company. One signature on both sides.
PENN: Run me the deal terms.
ELON: The committees have not reached agreement on terms. There’s a lot of merit. A lot to be gained.
PENN: Gained by whom?
ELON: Yes.
PENN: My software can’t draw this. It keeps asking whether Tesla is the parent of the parent of itself. Then it merged everything into one box.
ELON: What does the box say?
PENN: It says you.
ELON: The chart works.
PENN: Last field. “Reports to.” What do I write?
ELON: Do I think it would be a good idea? Yes.
The chart shipped Friday. It’s a mirror.
The Facts Behind It
- On the SpaceX earnings call Tuesday, Musk said of merging Tesla and SpaceX: “Do I think it would be a good idea? Yes” (BBC).
- Special committees formed within both companies. Musk: “The special committees have not reached agreement on terms of any transaction and there’s no guarantee that they will. But I do think there is a lot of merit to merging and a lot to be gained.” He noted a deal could not be assumed and would need shareholders’ support (BBC, TechCrunch, NBC News).
- Tesla is valued at roughly $1.5 trillion and SpaceX at roughly $2 trillion; a combination would mark one of the largest mergers in history (BBC).
- SpaceX reported quarterly revenue up 161%, beating estimates, with Starlink revenue of $5.2 billion for the quarter (Reuters, BBC).
- SpaceX went public earlier this year after acquiring xAI and X (BBC); Tesla invested $2 billion in xAI in March 2026 (CNBC).
- Fiction framing: the proxy accountant “Penn,” the committee call, the self-merging org chart and every line of dialogue are invented parody. Elon’s verbatim lines on the call are drawn from the documented quotes above; no merger, terms, or approvals exist beyond the committees themselves.