Polaris solar PV net news: September 4 Beijing time, according to financial website TheStreet reports, after a series of bad, even after the unfortunate incidents of torture over the past one week, electric car manufacturer Tesla CEO Andy Herron ˙ musk (Elon Musk) personal fortune this week lost nearly $ 800 million.
Acquisition of SolarCity
First talk about the acquisition of SolarCity solar panel suppliers. Tesla announced on August 1, SolarCity plans to buy solar panels for $ 2.6 billion company, a move aimed at paving the way for Tesla’s clean energy plan. This is not a simple merger, complicated is that, Tesla and SolarCity, two company executives cross each other, and kinship.
Musk, Tesla CEO and company’s largest individual shareholder, and is the largest shareholder of SolarCity, and served as Chairman of the Board of Directors of the latter. This is not, and two cousins-musk-Linden (Lyndon) and Peter ˙ ruifu (PeterRive) respectively to SolarCity CEO and CTO positions. In 2006, musk decided to create SolarCity company – a solar company aimed at combating global warming, so he gave her cousin Lyndon and Peter ˙ ruifu funding, construction for the company.
But the United States Federal Trade Commission (FTC) announced that due to “business the two companies only a few (almost negligible) overlap” to avoid monopoly concerns, Tesla was approved acquisition of SolarCity deals. Tesla needs to the United States Securities and Exchange Commission (SEC) submit merger documentation and shareholder votes.
Recent media exposure, provides advisory services to SolarCity Lazard Investment Bank (Lazard) parsing errors in the Tesla $ 26 deals, SolarCity was undervalued by $ 400 million. Lazard for SolarCity analysis equity value at $ 14.75 to $ 34 per share, but its actually SolarCity’s debt is expected to be double counting, we obtain incorrect results. More than two weeks after the acquisition, calculation errors were found. SolarCity’s equity value should be $ 18.75 to $ 37.75 a share.
But the mistake didn’t affect the results SolarCity and Tesla’s acquisition, saying: do not change the purchase decision, Tesla presented the final purchase price of approximately US $ 25.37 a share.
Share prices plunge
SolarCity has recently raised $ 124 billion through the issuance of bonds, and musk bought 65 million dollars, Rui Fu for 17.5 million dollars. In addition, another company owned by Thomas g SpaceX SolarCity firm bonds held in the past, the current market capitalization of about $ 165 million. So far as can be seen, with SolarCity lots of musk family bonds.
In the outside world, Tesla announced $ 2.6 billion acquisition of SolarCity and without much surprise, has not sparked a Tesla and SolarCity’s share price drop, not rise.
On Thursday morning, local time, SpaceX “Falcon 9th” rocket at Cape Canaveral Air Force station in Cape Canaveral, Florida (CapeCanaveral Air Force Station) explosion of the launch site. As planned, the rocket on Saturday for Facebook launched the first Internet satellite. With the “Falcon 9th” rocket explosion, Facebook worth $ 200 million satellite to be buried.
After the accident, Facebook founder and CEO Mark Zuckerberg says “extremely disappointing”. Facebook communication satellite Amos-6 by Israel a manufacturing company. Events did not cause casualties, but it will make the SpaceX rocket development plans and hit Israel satellite communications industry.
Last week was a bad week for musk. Within a week, Tesla and SolarCity shares fell up to 10% and 16.2% respectively, resulting in personal net worth of $ 779 million, musk. But for billionaire musk, not bad, because its remaining net worth up to about $ 8.3 billion. (Compile/Wakami)
Original title: roof leak on the rain but it pours: musk wealth nearly a week $8 billion