Elon Musk wants to buy a company he helped start.
Tesla announced on cat3korean | Adult Movies OnlineTuesday its intentions to buy SolarCity, having made an offer of between $26.50 per share and $28.50 per share. That equates to a $2.8 billion valuation.
SolarCity's primary business is the financing and installation of solar panels. The company was founded in 2006 by Peter Rive and Lyndon Rive, with help from their cousin: Musk, Tesla's founder and CEO.
The deal, announced in a blog post, would be paid for entirely in Tesla stock.
"Tesla customers can drive clean cars and they can use our battery packs to help consume energy more efficiently, but they still need access to the most sustainable energy source that’s available: the sun," Tesla stated in the blog post announcing the offer.
Tesla pointed out that the combined company would be able to offer "end-to-end clean energy."
SolarCity and Tesla have never been very distant. Musk is also the chairman of SolarCity.
This Tweet is currently unavailable. It might be loading or has been removed.
Tesla's offer was about 21% more than SolarCity shares had been trading on Tuesday, meaning the stock predictably shot up in after-hours trading. Conversely, Tesla shares slid as much as 12% after hours.
Tesla also released a letter sent from its board of directors to SolarCity CEO Lyndon Rive declaring their intentions and explaining its rationale.
"We believe that a combination would generate significant benefits for stockholders, customers and employees of both Tesla and SolarCity," the letter read.
The letter also noted that Musk and Antonio Gracias, who serves as a director on Tesla's and SolarCity's boards, will not vote on the deal due to their connections to both companies.
"We believe that any transaction should be the result of full and fair deliberation and negotiation by both of our boards and the fully-informed consideration of our respective stockholders," the letter read.
Have something to add to this story? Share it in the comments.
(Editor: {typename type="name"/})
A Typical Wall Street Republican
First look at Lego's new 1,414
New research reveals changes made to Picasso masterpiece
Brie Larson made sure people got to see 'Black Panther'
NYT mini crossword answers for May 9, 2025
5 Ways to Access a Locked Windows Account
Coming to the aid of a fellow forum member, TSers recently shared around a dozen ways to handle a lo
...[Details]
'System Shock' remake on hiatus
After raising over $1.3 million on Kickstarter from over 20,000 backers in 2016, the developers behi
...[Details]
Black Panther's Wakanda reveals the limits on the black imagination
ExcitedforBlackPanther?Soarewe. Which is whywe're rolling out obsessive coverage withBlackPantherWee
...[Details]
These millennial entrepreneurs think email is too slow for the startup world
There are two types of people in this world. Those who live at inbox zero, who frantically read, rem
...[Details]
Exceptionally rare radio sources detected in the distant universe
Astronomers have spotted a pair of exotic features believed to be the aftermath of a colossal cosmic
...[Details]
Yes, the band O.A.R. knows about the Russian Olympics team and they think it's hilarious
Dozens of stars have emerged from the 2018 Winter Olympics, but perhaps the most impressiveisn't eve
...[Details]
'Black Panther' fans are so thirsty for breakout star Winston Duke
Excited forBlackPanther?Soarewe. Which is whywe're rolling out obsessive coverage withBlackPantherWe
...[Details]
"Okay, the boss' back is turned, time to take things up a notch..."SEE ALSO: This
...[Details]
Interviews for Resistance
...[Details]
Twitter is finally ending its unpopular Mac desktop app
On Friday, Twitter announced that it would be shutting down work on its Mac desktop app, to the dism
...[Details]
The State of PC Gaming in 2016
Look at these dumb email accounts Russian trolls made to influence the 2016 election
接受PR>=1、BR>=1，流量相当，内容相关类链接。