Introduction to SolarCity Tesla Merger
Tesla’s commitment to sustainability has been a driving force behind the company’s success since its inception. From the company’s original mission statement to their current acquisition of SolarCity. All because Tesla has shown a dedication to creating a sustainable energy ecosystem. In this post, we will explore Tesla’s efforts towards sustainability, including their recent merger with SolarCity, and the importance of supporting companies that prioritize sustainable practices in the automotive industry.
Lyndon and Peter Rive serves as the chief executive and chief technology officer of SolarCity. For they were granted combined stock options of about $128 million in the San Mateo, California-based solar company. That’s back in September. Again, thereby placing them among the 15 highest-paid U.S. executives in 2015. All according to the Bloomberg Pay Index. The options will be canceled for no consideration. All according to a Monday regulatory filing.
Wiping out Stock Awards
Tesla Motors Inc.’s $2.6 billion offer for SolarCity Corp. is wiping out stock awards. Those given to Elon Musk’s cousins says Bloomberg Technology.
Elon Musk Tesla Chairman
The awards are also nearly identical to those offered to Musk at Palo Alto, California-based Tesla in 2012. Most importantly, the billionaire is the chairman and largest shareholder of both companies. Under the awards’ terms, the Rives would have had 10 years to earn the options. For that’s by achieving a certain sets of goals. All with half tied to SolarCity’s stock price and half tied to operational results. I mean such as increasing customers, and also lowering the cost of generating solar wattage. Moreover then every time the company achieved a target in both categories, they would earn 1/10th of the options.
While Tesla’s acquisition of SolarCity has raised concerns among investors and analysts . Yet the automaker’s efforts towards sustainability continue with the development of its own solar products under its own brand name.(2)
For the entire story on Bloomberg Technology