Elon Musk's Tesla to Buy Elon Musk's SolarCity in $2.8 Billion Merger

June 22, 2016 10:45 AM

15 0

Elon Musk's Tesla to Buy Elon Musk's SolarCity in $2.8 Billion Merger

Elon Musk on Tuesday sought to build a clean energy powerhouse as his electric car maker, Tesla, made an offer to buy his solar installation firm SolarCity in a stock deal worth as much as $2.8 billion.

Tesla shares plunged more than 13 percent to $189.99 in extended trading - amounting to a loss in value of about $4.3 billion, or more than the value of the offer for the other company. Shares of SolarCity rose about 18 percent to $25.02.

Also read: KKR buys smart meter financing firm Calvin Capital

Read more

To category page

Loading...