Elon Musk dances on many weddings. Born in South Africa but living in America Musk is CEO at the same two companies. He leads the electric car manufacturer Tesla Motors and the space company Space X. In addition, he is also the largest shareholder and Chairman of the Board (Chairman) of solar specialists SolarCity. The latter is a kind of family, because it was founded by two cousins Musks Lyndon and Peter Rive. The mothers of Musk and the Rive-brothers are twins. Lyndon Rive is CEO of SolarCity, his brother acts as CTO.
Author: Roland Lindner, economics correspondent in New York.
now Musk wants parts of his empire merge: Tesla announced Tuesday after market close on, SolarCity will completely take over. The automaker has about 2.8 billion dollars he wants to pay with its own shares. With the acquisition he would, albeit related business segment embark on an entirely new. SolarCity installs solar systems for households and for companies, schools and government agencies. The company describes itself as the largest supplier of solar energy in the United States.
Elon Musk owns slightly more than 20 percent of the shares in Solar City, a similar proportion it also stops at Tesla. The transaction creates for him a certain conflict of interest, which is why Tesla announced that he had abstained from voting on the Board of Directors about the offer of his voice and wanted this even when the vote of the Board of SolarCity do.
held the dual role but Musk does not depend on its plan to aggressively market and raving in a conference call from the advantages of a merger. The combination of Tesla and SolarCity was a “no-brainer”, so was obvious. With SolarCity Tesla would become a “vertically integrated energy companies.”
Who is interested in electric cars from Tesla or the recently also offered by the company “Power Wall” batteries for the budget, which also have a ” natural “interest to switch to solar energy. The same applies vice versa. The two companies could thus take advantage of synergies.
Share prices of SolarCity and Tesla
Of course, SolarCity had last face some difficulties. The company has repeatedly disappointed with its quarterly results and has regularly losses. Since the beginning of the share price has fallen by 58 percent. On Tuesday before the announcement of the takeover bid the share cost around 21 dollars, 2014, were in the meantime more than 80 dollars.
After Hours put the share price of SolarCity course by 15 percent. Quite different it looked at Tesla: The price of the automaker fell temporarily by 12 percent. Apparently, it was not clear to Wall Street so once a why this acquisition is expected to be on hand.
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