SolarCity stock soars 18% on $2.8 billion Tesla bid; Tesla shares plunge

June 21, 2016 10:00 PM

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SolarCity stock soars 18% on $2.8 billion Tesla bid; Tesla shares plunge

SolarCity intends to carefully evaluate the proposal, it said in an SEC filing. The company is increasingly focused toward product, Lyndon Rive, co-founder and CEO of SolarCity, said in a conference call.

"There are tremendous synergies between these two companies," Rive wrote in an email to SolarCity employees. "You should know that the board and the shareholders will be considering this, and so while I am personally excited, I will be recusing myself from the decision-making process. Ultimately, th...

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