Shareholders give greenlight for Tesla Motors’ acquisition of SolarCity
Los Angeles — Tesla Motors CEO Elon Musk won approval on Thursday from the electric luxury car maker’s shareholders for an acquisition of SolarCity, the solar energy system installer in which he is the largest shareholder. The stock swap deal, worth about $2bn, caps a tumultuous year for Musk and Tesla. The proposed acquisition of SolarCity, a money-losing installer of residential solar power systems, prompted a 13% fall in Tesla’s share price after Musk outlined the deal in June. Tesla said the deal was "overwhelmingly" approved by 85% of unaffiliated shareholders. Shares rose 1.3% in after-hours trade after gaining 2.6% in the regular session to close at $188.66. "Your faith will be rewarded," Musk told shareholders assembled at the company’s Fremont, California, facility. Tesla investors have also been rattled by a federal investigation of the death of a Tesla owner operating his car on Autopilot, a driver assistance system, and by concerns Musk may be overextended between ambiti...
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