Did Musk Mislead Investors in SolarCity Deal?

Credit: The Street
Published 3 weeks ago - Duration: 02:19s

Did Musk Mislead Investors in SolarCity Deal?

Did Tesla founder and CEO Elon Musk and others on the company's board mislead investors on the viability of acquiring SolarCity?

The answer, according to Bloomberg Businessweek, is yes.

In an article published on Wednesday, the magazine reported that Musk and internal executives misled the company's investors in suggesting that buying solar panel producer and distributor SolarCity for $2 billion almost three years ago was a good long-term move for the electric car company.

Almost every promise Musk made about the acquisition of the solar company to investors and the public ahead of and following the May 2016 deal was either misleading or false, the magazine said, after reviewing thousands of pages of internal emails, board minutes and presentations, and executive testimony.

"At the time I thought it made strategic sense for Tesla and SolarCity to combine.

Hindsight is 20-20," Musk said in a June deposition related to a class-action suit against the company.

"If I could wind back the clock, you know, I would say [I] probably would have let SolarCity execute by itself." Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud Catch Up: Today's Top News Videos Below

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