Tesla buys SolarCity

Posted at 4:24 PM, Nov 17, 2016

An overwhelming majority of shareholders have approved a merger between Tesla and SolarCity.

According to Tesla, more than 85% of shares voted were cast in favor of Tesla's acquisition of SolarCity, excluding the votes of Elon Musk and other affiliated shareholders.

SolarCity's shareholders also approved the acquisition.

"We would like to thank our shareholders for continuing to support our vision for the future," said a press release from Tesla. "We look forward to showing the world what Tesla and SolarCity can achieve together."