Tesla completes its acquisition of SolarCity
The all-stock deal brought a solar company co-founded by Musk's cousins into Tesla.
Archive entry. This article looks back at an event from November 21, 2016. It was drafted with AI assistance from public records and is being fact-checked. See our About page.
In November 2016, Tesla completed its purchase of SolarCity, a solar panel installer. The all-stock deal was valued at about $2.6 billion when it closed.
SolarCity had been founded by Lyndon and Peter Rive, cousins of Elon Musk, and Musk was its chairman and largest shareholder. Tesla said the deal would let it offer customers solar panels, batteries and electric cars as one integrated product.
The acquisition was controversial and led to shareholder lawsuits alleging the price was too high. In 2022 a Delaware court ruled in favor of Musk and the Tesla board.
