Elon Musk Merges Ventures, Money Gets Tight
The sun might be setting on SolarCity. Musk first proposed combining Tesla with his cousins’ solar power venture in June, saying the solar technology would be a boon to his electric car business. But many saw it as a bailout, given that SolarCity’s cash reserves had declined by $275 million in a year. Now Tesla must pay $422 million to bondholders and has announced a new fundraising round — in which it’s expected to raise as much as $2 billion, despite a yearly stock slide of nearly 12 percent.