Elon Musk

Tesla, SolarCity get shareholder approval for merger

Tesla Motors got approval from investors to combine with SolarCity Corp. in an effort to expand the market for solar power and give electric car owners new options for solar charging.

Shareholders of both companies backed the merger by a wide margin Thursday. Tesla said 85 percent of shareholders who voted approved the deal.

The deal, first proposed by Tesla CEO Elon Musk proposed in June, has had more of a mixed reaction on Wall Street. Analysts wondered why Tesla would want to take on SolarCity while it's building a big battery factory in Nevada and preparing to launch its first mass-market car, the Model 3, due out at the end of 2017. Shares of both companies dropped...

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