One Elon Musk Company Has Bought Another Elon Musk Company For $2.6 Billion


Credits: thecountrycaller.com
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Since June 2016, there have been news about Tesla Motors intending to buy SolarCity. The former makes cars and car batteries and the latter is a solar power giant. So what do they have in common? Elon Musk.

Tesla Motors Inc CEO and chairman SolarCity Elon Musk. REUTERS/Lucy Nicholson
Tesla Motors Inc CEO and chairman SolarCity Elon Musk. REUTERS/Lucy Nicholson

 

Musk is chairman of SolarCity and the chairman and CEO of Tesla Motors- a car company as well. An official announcement was made yesterday, August 2nd, confirming the merger between Elon Musk’s Tesla Motors and his SolarCity.

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Elon Musk did not participate in the negotiations of the merger owing to his conflict of interest. As a result, Tesla Motors- manufacturer of electric cars and batteries acquired SolarCity for $2.6 billion.

Credits: thecountrycaller.com
Credits: thecountrycaller.com

 

What would this merger do? It will bring both the energy storage home devices –  Tesla’s Powerwall battery – and solar panel installation – SolarCity- at one place for the convenience of the consumers. And maybe they can get themselves a Tesla car while they are at it.

A blog post published by Tesla stated: “By joining forces, we can operate more efficiently and fully integrate our products, while providing customers with an aesthetically beautiful and simple one-stop solar + storage experience: one installation, one service contract, one phone app.”

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One Elon Musk Company Has Bought Another Elon Musk Company For $2.6 Billion

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