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  • Rooftop Solar
    • Energy Storage
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  • Research
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  • Related Pages
    • Energy Seek: Business Electricity Prices
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    • OVO Energy: Energy Efficient Cooking
    • EDF Energy: Energy Efficient Lighting
    • Constellation: Energy Efficient Air Con
InvestmentSolar $

Elon Musk Buys Up $5 Million SolarCity Stock

by Joshua S Hill August 26, 2015
written by Joshua S Hill August 26, 2015
Elon Musk Buys Up $5 Million SolarCity Stock

Elon Musk, already the chairman of rooftop solar installer SolarCity and its biggest shareholder, bought $5 million more of the company’s stock on Monday.

SolarCity logoFounder, chairman, and major shareholder — as well as the CEO of both Tesla and SpaceX — Elon Musk made use of Monday’s horrible stock market trends to pick up 123,510 shares in SolarCity at $40.49 — a low that has not been surpassed since October, 2013. This purchase, though impressive, only boosts Musk’s holdings in SolarCity by about 0.6%.

Bloomberg Business pointed out that “Musk expanded his position after hedge fund manager Jim Chanos said Friday that he’s short on the company,” which triggered a “rout that drove the shares down 13%.”

SolarCity announced its second quarter earnings late July, and though the company suffered a net loss of $22.4 million, it nevertheless saw record installations and bookings.

GTM Research places SolarCity as the largest rooftop solar developer in the US by far — with 34% of installations, well above its nearest competitors — Vivint Solar has 12%, and Sunrun 10%.

Elon MuskSolarCity
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