Musk backs SpaceX-Tesla merger proposal as SpaceX posts $4.4 billion profit in three months

American billionaire Elon Musk has backed a proposal to merge his two companies, SpaceX and Tesla.

Meanwhile, SpaceX recorded a net profit of $4.4 billion in the three months from July to September. The company had posted a loss of $1.1 billion in the same period last year.

This means SpaceX, which was in loss during the same period last year, has turned profitable this year. No further details about the proposal to merge the two companies have been made public yet.

The news comes from Washington, the capital of the United States.