The CEO is his cousin, but he has recused himself of voting on the deal. I doubt the SEC & FTC will care; Wall Street on the other hand, I think they all see what this is about.

Elon is the chairmen of both companies... It's definitely unusual.

I didn't say it wasn't unusual, just that the SEC and FTC likely won't bat an eye.

According to the announcement, Musk has recused himself from voting on this proposal on either side. It seems unlikely that the SEC would see funny business on Musk's part in a decision that was made by everyone except Musk.