Deals
Musk Talked Merger With SolarCity CEO Before Sale of Stock
- Carmaker chief discussed ‘conceptual’ benefits with cousin
- Board at first rejected idea amid SUV manufacturing challenges
Musk Talked SolarCity Merger Before Tesla Stock Sale
This article is for subscribers only.
It was February when Elon Musk suggested to his cousin that they merge their companies, Tesla Motors Inc. and SolarCity Corp. -- three months before the electric-car maker sold $1.4 billion in stock in a secondary offering and four months before Musk made a public marriage proposal.
Musk, Tesla’s chief executive officer and SolarCity’s chairman and largest shareholder, had the discussion with SolarCity CEO Lyndon Rive sometime before Tesla’s board was briefed on the idea on Feb. 29, according to a document filed with the Securities and Exchange Commission Wednesday.