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SolarCity's stock has taken a drubbing this week after Sen. Jeff Sessions, R-Ala., sent a letter to the Treasury secretary asking for an investigation into solar grants and tax credits.
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SolarCity partnered with banks, large corporations, and the asset-backed [112] market to create project finance funds to finance its lease and power purchase agreement (PPA) options. Among SolarCity's better-known financing partnerships was a $280 million fund created with Google to finance residential solar installations in June 2011.
The deal's announcement resulted in a more than 10% drop in Tesla's stock price; at the time, SolarCity was facing liquidity issues. [123] Multiple shareholder groups filed a lawsuit against Musk and Tesla's directors, stating that the purchase of SolarCity was done solely to benefit Musk and came at the expense of Tesla and its shareholders.
SolarCity will release its quarterly report on Wednesday, and for a company that just came public last December, the stock has been hugely successful for investors, having tripled from its first ...
After the story was published, Tesla stock dipped 3%. [420] Three days later, Musk responded with a series of tweets, calling the article "fake", [421] and followed up with a lengthy blog post disputing several of the article's claims. He called it a "salacious story" and provided data, annotated screenshots and maps obtained from recording ...
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Lyndon Robert Rive (born 22 January 1977) is a South African-American businessman known as the co-founder of SolarCity, and its CEO until 2016. SolarCity is a provider of photovoltaic systems and related services. Rive co-founded SolarCity with his brother Peter in 2006.