NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA) - Get Report are rising 0.72% to $226.88 in pre-market trading on Wednesday after CEO Elon Musk told the Wall Street Journal that he expects a two-thirds majority of shareholders to vote in favor of the company's proposed merger with SolarCity (SCTY).

Musk is the largest shareholder of both companies, and first suggested a combination in June. He proposed an offer of between $26.50 and $28.50 per share to purchase SolarCity, representing a premium of up to 30% based on the stock's June 21 closing price.

Musk has been discussing the potential acquisition with Tesla's biggest investors such as Fidelity Investments and large mutual funds, according to the Journal. 

"The most informed investors are highly supportive of the transaction," Musk told the Journal. As of last week, he said he had "yet to talk to an investor after I have fully explained the situation and not had them support it."

He plans to unveil details of the merger in a "master plan" he will publish as soon as this week.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D+.

Tesla Motors's weaknesses include its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: TSLA

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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