Solar City & Tesla Energy

Musk provided the initial concept and financial capital for SolarCity

which his cousins Lyndon and Peter Rive founded in 2006.

By 2013, SolarCity was the second largest provider of solar power systems in the United States.

In 2014, Musk promoted the idea of SolarCity building an advanced production facility in Buffalo

New York, triple the size of the largest solar plant in the United States

Construction of the factory started in 2014 and was completed in 2017

It operated as a joint venture with Panasonic until early 2020.

Tesla acquired SolarCity for over $2 billion in 2016 and merged it with its battery unit to create Tesla Energy.

The deal's announcement resulted in a more than 10% drop in Tesla's stock price

At the time, SolarCity was facing liquidity issues. Multiple shareholder groups filed a lawsuit against Musk and Tesla's directors, claiming that the purchase of SolarCity was done solely to benefit Musk and came at the expense of Tesla and its shareholders.

Tesla's directors settled the lawsuit in January 2020, leaving Musk as the sole remaining defendant. Two years later, the court ruled in favor of Musk.

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