Tesla × SolarCity Acquisition

SolarCity, founded by Elon Musks cousins, was a publicly traded company headquartered in Fremont, California that sold and installed solar energy generation systems as well as other related products and services to residential, commercial, and industrial customers. On August 1, 2016, Tesla announced that the two companies have reached an agreement to combine, creating the worlds only vertically integrated sustainable energy company. Under the agreement, the deal would be an all-stock transaction with an equity value of $2.6 billion based on the 5-day volume-weighted average price of Tesla shares as of July 29, 2016. Additionally, SolarCity stockholders will receive 0.110 Tesla common shares per SolarCity share, valuing SolarCity common stock at $25.37 per share based on the 5-day volume weighted average price of Tesla shares as of July 29, 2016. SolarCity co-founders Lyndon Rive and Peter Rive left in June 2017. By 2019, Teslas solar panel market share was falling, prompting the company to cut its sales force. Revenue from Teslas energy generation and storage operations from January to September 2019 fell 7 from a year earlier to $1.1 billion.