SolarCity Gets $113 Million From Silver Lake, Musk and Rive
- Investments in convertible notes follow slump in shares
- Silver Lake Kraftwerk says SolarCity strategy shift positive
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SolarCity Corp. got a $113 cash infusion from Silver Lake and top executives after the company’s announcement of a strategic slowdown to focus on making a profit sent investors fleeing.
Chairman Elon Musk and Chief Executive Officer Lyndon Rive contributed $10 million and $3 million, respectively, adding to $100 million from Silver Lake’s Kraftwerk fund in the purchase of zero coupon convertible notes, the San Mateo, California-based company said in a statement Wednesday.