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Everybody is missing the point of the Tesla-SolarCity deal
And on Monday, SolarCity said it had formed a committee of independent directors to evaluate the deal.
That is because Musk is the largest single shareholder of both companies and the chairman of SolarCity.
Holy conflict of interest!
Actually, Musk and Rive have said they will recuse themselves from voting on the deal.
Anyway, SolarCity is a $3 billion bite for Tesla in an all-stock transaction that would add — brace yourself — over $3 billion in debt to Tesla's balance sheet.
If this looks like a SolarCity bailout — the company has seen its market cap, now $2.25 billion, sawed in half since last year — then that's because it is.