Technology

Tesla Shareholders Approve SolarCity Buyout

Elon Musk has received approval from the Tesla shareholders for his latest ambitious venture.

Shareholders have approved the $2.6 billion purchase of solar panel company SolarCity. The buyout will allow Tesla to further expand their research into clean energy, and could offer close to $1 billion in revenue for Tesla in the next year, according to Musk.

Of course, the decision was up in the air for some time, considering some investors had initially opposed the buyout due to conflict of interest. However, when taken to a vote, the decision to acquire SolarCity was approved by a whopping 85% of shareholders. In the words of the Tesla CEO himself, this merger could contribute to “accelerating the world’s transition to sustainable energy”.

Tesla Shareholders Approve SolarCity Buyout

Source: YouTube

We’ll see in the coming year if Musk is correct on his prediction of SolarCity’s profitability. But, at the very least, Musk and Tesla shareholders seem to have confidence that the technological benefits of having SolarCity on board will far outweigh the temporary financial hit.

But what do you think of Tesla purchasing SolarCity? Sound off in the comments!

And for more automotive news, check out the insane Lexus Sriracha IS special edition show car!

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