# Tesla Motors offer for SolarCity wipes out stock awards given to Elon Musk’s cousins says Bloomberg Technology

- Link: https://greenlivingguy.com/2016/08/solarcity-tesla-wipe-stock-elon-musks-cousins/
- Published: 2016-08-02T04:29:10-04:00
- Author: greenlivingguy

## 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](https://greenlivingguy.com/2012/08/solar-power-secrets-from-new-york-times-magazine/)
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.

#### SolarCity Stock

Lyndon and Peter Rive serves as the chief executive and chief technology officer
of SolarCity. For they were [granted ](https://www.bloomberg.com/tosv.html?url=L25ld3MvYXJ0aWNsZXMvMjAxNi0wNC0yMS9zb2xhcmNpdHktcy1yaXZlLWdldHMtNzctbWlsbGlvbi1ncmFudC1qdXN0LWxpa2UtbXVzay1hdC10ZXNsYT8=&uuid=5dbb3750-8199-11e8-9c19-9795a7436bcf&vid=)
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](https://www.sec.gov/Archives/edgar/data/1408356/000119312516665614/d230733d8k.htm).

![SolarCity Tesla fight](https://i0.wp.com/greenlivingguy.com/wp-content/uploads/
2016/04/wp-1459651968004.jpeg?resize=420%2C263&quality=52&ssl=1)

### ​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](https://www.bloomberg.com/tosv.html?url=L25ld3MvYXJ0aWNsZXMvMjAxNi0wNC0xOC9lbG9uLW11c2stYWhlYWQtb2YtcGFjZS1mb3ItMS02LWJpbGxpb24tdGVzbGEtbW90b3JzLXBheWRheT8=&uuid=450dc5b0-8199-11e8-a4be-8571aaab91cb&vid=)
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.

![Solarcity ](https://i0.wp.com/greenlivingguy.com/wp-content/uploads/2016/02/wp-
14562787350723.jpeg?resize=420%2C280&quality=52&ssl=1)

#### Conclusion

While Tesla’s acquisition of SolarCity has raised concerns among investors and analysts[
1]. Yet the automaker’s efforts towards sustainability continue with the development
of its own solar products under its own brand name.(2)

**References:** [1] [tesla solarcity](https://electrek.co/guides/tesla-solarcity/)[
2] [UPDATE 1-Tesla’s planned SolarCity buy puzzles …](https://www.reuters.com/article/solarcity-ma-tesla-research/update-1-teslas-planned-solarcity-buy-puzzles-everybody-but-musk-idUSL4N19E3K3)[
3] [Musk’s SolarCity Offer Wipes Out His Cousins’ Stock Options](https://www.bloomberg.com/news/articles/2016-08-01/elon-musk-s-solarcity-offer-wipes-out-his-cousins-stock-options)

For the entire story on [Bloomberg Technology](https://www.bloomberg.com/tosv.html?url=L25ld3MvYXJ0aWNsZXMvMjAxNi0wOC0wMS9lbG9uLW11c2stcy1zb2xhcmNpdHktb2ZmZXItd2lwZXMtb3V0LWhpcy1jb3VzaW5zLXN0b2NrLW9wdGlvbnM/&uuid=50b5c7f0-8199-11e8-8401-3f07ddc39cbe&vid=)

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 greenlivingguy

 The Green Living Guy, Seth Leitman is an independent power producer, a green living
expert, and Editor of the McGraw-Hill, TAB Green Guru Guides. Seth is also an Author,
Radio Host, Reporter, Writer and an Environmental Consultant on green living. The
Green Living Guy writes about green living, green lighting, the green guru guides
and more. Seth's books range from: # Build Your Own Electric Vehicle by Bob Brant
and Seth Leitman (2nd and 3rd editions) # Build Your Own Plug-in Hybrid Electric
Vehicle by Seth Leitman # Build Your Own Electric Motorcycle by Carl Vogel # Green
Lighting by Seth Leitman, Brian Clark Howard and Bill Brinsky # Solar Power For 
Your Home by David Findley # Renewable Energies For Your Home by Russel Gehrke #
Do-it-Yourself Home Energy Audits by David Findley # Build Your Own Small Wind Power
System by Brian Clark Howard and Kevin Shea # and more green living books to follow.

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