• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 9 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 22 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Did China cherry-pick the factors that affected the economic slow-down?
  • 2 days Are you aware of Oil Price short videos on our energy topics?
  • 1 day "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 2 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days NordStream2

Breaking News:

California Gasoline Prices Are Spiking

Lincoln Brown

Lincoln Brown

Lincoln Brown is the former News and Program Director for KVEL radio in Vernal, Utah. He hosted “The Lincoln Brown Show” and was penned a…

More Info

Premium Content

Tesla Looks To Buyout Solar City For $2.8 Billion

Elon Musk has offered Solar City a $2.8 billion purchase proposal in a stock deal that would unite the company with Tesla Motors.

Musk started both companies, and is the majority shareholder in each. Musk also serves as the CEO of Tesla and the chairman of Solar City.

According to Tesla, it offered between $26.50 and $28.50 per share for Solar City stock. Musk said he would recuse himself from voting on the proposal, and Lyndon Rive, who is Musk’s cousin and CEO of Solar City also said he would recuse himself.

Musk did not indicate when shareholders could vote on the move.

Solar City stock closed at $21.19 on Tuesday. Tesla has a market capitalization of $32.7 billion compared to Solar City, which has a value of $2.1 billion. Solar City currently has approximately $62.4 billion in liabilities. In trading, Tesla’s shares dropped 13 percent to $189.99, while stock in Solar City climbed 18 percent to $25.04.

Tigress Financial Partners analyst Ivan Feinseth commented that investors may be expecting Tesla to focus on its business—the manufacturing of electric cars. Feinseth said that investors may be concerned that by venturing into the solar energy industry, Tesla will lose its focus, which could add financial strain to the company. Tesla, said Feinseth, will continue to need a great deal of money. Related: Why We Can Expect Cripplingly Higher Oil Prices In The Near Future

For his part, Musk called the deal a “no brainer” and offered the idea of a package deal in which customers could purchase an electric car, home battery and solar power system at the same time.

While Musk said that Tesla did not know how many customers have solar panels, he said that he suspected that the interest was there.

Solar City leads the nation in rooftop solar systems for homes. However, it also routinely posts quarterly losses, and has seen its stock plummet almost 60 percent this year.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News