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Tesla's Musk wins approval for SolarCity deal

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Staff Writer | November 18, 2016
Tesla Motors CEO Elon Musk won approval from shareholders for an acquisition of SolarCity Corp, the solar energy system installer in which he is the largest shareholder.
Elon Musk
Green energy   Overwhelmingly approved by 85 percent
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.

Tesla said the deal was "overwhelmingly" approved by 85 percent of unaffiliated shareholders. Shares rose 1.3 percent in after-hours trade after gaining 2.6 percent in the regular session to close at $188.66.

"Your faith will be rewarded," Musk told shareholders assembled at the company's Fremont, California, facility.