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Tech

Musk looks to put Tesla, SolarCity under one roof

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Opening sequence

Tech

Musk looks to put Tesla, SolarCity under one roof

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17:19
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COMING UP:Musk looks to put Tesla, SolarCity under one roof

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Transcript

00:00:02
>> Elon Musk, announcing Tuesday he wants to merge two of his brain children, electric car maker Tesla, and solar energy company, Solar City. Musk is CEO of the first, Chairman of the second, and the largest shareholder in both. Tesla has offered to acquire Solar City for almost $3 billion in stock.
00:00:19
One hiccup, Tesla shares reacted by losing more value than that offer price. Reuters San Francisco bureau chief Peter Henderson.>> He sees these markets as one but he also says that they haven't done the research to see what the actual overlap and customers is. On the conference call he was describing it in almost ethical terms that this is the good thing to do, to combine these two companies.
00:00:43
He's basically describing the customer as someone who buys an electrical car, who's trying to do well for the world and then also would want solar panels to do well for the world.>> Musk is known for taking unusual steps to keep his companies alive like taking out hundreds of millions of dollars in personal credit lines to support his multiple ventures.
00:01:05
He's also CEO of SpaceX. On Tuesday afternoon's conference call, Musk said he'd recuse himself from voting on the deal.