SolarCity (SCTY) announces restructuring ahead of Tesla (TSLA) merger: layoffs and pay cuts

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Earlier this month, SolarCity’s board of directors accepted Tesla’s $2.6 billion acquisition offer. The deal is still subject to SEC review, but otherwise, the agreement will be brought to a Shareholders vote at some point after September 14, 2016 and if all goes well, the merger should close during the fourth quarter.

Now SolarCity announced some restructuring ahead of the Tesla merger. The company will have layoffs and the co-founders, CEO Lyndon Rive and CTO Peter Rive, are giving up their salaries. more…

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