It’s been five years since Tesla acquired SolarCity for around $2.6 billion.
To convince shareholders to approve the deal, Elon Musk hosted a splashy event in Hollywood, where he held up a shiny roof shingle, which he said was a miniaturized solar panel.
SolarCity was founded in 2006 by Musk’s cousins, Peter and Lyndon Rive. It was backed by Musk who served as chairman of the board at both Tesla and SolarCity. Musk’s aerospace company, SpaceX, had also purchased tens of millions of dollars worth of solar bonds from SolarCity.
Elon Musk speaks at SolarCity’s Inside Energy Summit in New York.
Rashid Umar Abbasi | Reuters
“The goal is to make solar roofs that look better than a normal roof, generate electricity, last longer, have better insulation, and actually have an installed cost that is less than a normal roof plus the cost of electricity. Why would you buy anything else?” Musk said at the event in October 2016.
The roof tiles were…