Caroline Hyde

We'll have all the details next.

This is Bloomberg Tech.

Checking in on Tesla shares.

Well, we're seeing the impact of European sluggishness again.

You saw it throughout 2025.

We're down 2.5% as we understand European car sales of Teslas in particular slumped into 2026.

In particular, absolutely plummeting French sales down 42%.

They only sold 661 cars.

Norway registrations plunging 88%.

But that says we hear specific changes in policy over in Norway in particular.

But

Look, generally, EV registrations are going higher in Europe, but just not for Tesla, whether it's a political read across or whether indeed it continues to be something around the brand and a slower adoption of older models versus the Chinese one.

But let's move on to other areas of Elon Musk's empire right now, because we understand that he is in advanced talks to combine SpaceX with XAI, according to sources, a deal that would combine, of course, two of the largest closely held companies in the world.

Just think, XAI is valued $200 billion.

SpaceX is currently worth $800 billion at the last count.

Bloomberg Deals team managing editor, Leanna Baker, joins us some more.

There have been a lot of conversation about somehow his empire combining forces, whether it's Tesla and SpaceX or XAI and SpaceX.

It looks like the latter is the more likely at the moment.

It's possible in the future Tesla could be involved.

There's a lot of theories that one day there's just going to be one huge Elon Musk conglomerate.