Tesla's Solar City deal-- Elon Musk World's Most Exciting Businessman?
Elon Musk is once again pushing investors' nerves to the edge. Solar City that ambitious residential solar company is in play. Here's an excerpt:
Elon Musk is the world's most exciting businessman. The South African-born billionaire, who wants to colonise Mars and believes human life may be a simulation, is best known for his trailblazing electric-car maker Tesla Motors, and his attempts to land rockets from orbit on floating pads in the ocean.
But it hasn't always been this much fun. In 2008, for example, Tesla and Musk's space exploration company, SpaceX, came perilously close to bankruptcy as it looked like investors weren't prepared to back two fledgling, high risk, capital hungry endeavours at the same time.
Now, in a situation that bears some resemblance, Musk is testing investor patience again. Last month he unveiled a deal for Tesla to acquire Solar City, the rooftop solar panel company of which he is chairman and also the biggest shareholder, and which is run by his cousin.
If that sounds like a complicated mess, that's because it is: a swag of directors on both sides of the deal have had to recuse themselves from the approval process.