LOS ANGELES: Tesla Motors Inc Chief Executive Elon Musk won approval on Thursday from the electric luxury automaker's shareholders for an acquisition of SolarCity Corp, the solar energy system installer in which he is the largest shareholder.
The stock swap deal, worth about $2 billion, caps a tumultuous year for Musk and Tesla. The proposed acquisition of SolarCity, a money-losing installer of residential solar power systems, prompted a 13 percent fall in Tesla's share price after Musk outlined the deal in June.