Musk’s SolarCity Offer Wipes Out His Cousins’ Stock Options
- Awards will be cancelled if $2.6 billion deal closes
- Lyndon and Peter Rive are among 15 top-paid U.S. executives
Will Tesla-SolarCity Deal Pay Off for Investors?
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Tesla Motors Inc.’s $2.6 billion offer for SolarCity Corp. is wiping out stock awards given to Elon Musk’s cousins.
Lyndon and Peter Rive, who serve as the chief executive and chief technology officer of SolarCity, were granted combined stock options of about $128 million in the San Mateo, California-based solar company in September, placing them among the 15 highest-paid U.S. executives in 2015, according to the Bloomberg Pay Index. The options will be canceled for no consideration, according to a Monday regulatory filing.