It was a controversial move, Tesla Motors (TSLA) acquiring SolarCity (SCTY) for $2.6 billion in the fall of 2016. CEO Elon Musk, the largest individual shareholder of Tesla, proposing that it buys SolarCity, where he served as chairman and also the largest shareholder.
Had SolarCity been profitable, or at least close to it, perhaps it wouldn't have made so much news. But given that SolarCity was burning through about the same amount of cash as Tesla at the time, despite being one-tenth the size, raised some eyebrows.
So did Musk's involvement in both companies and the fact that his cousin, Lydon Rive was the company's co-founder and former CEO. But that run has ended, and so has Rive's run at the company.
Apparently, Rive is leaving Tesla to start another company next year and spend more time with his family.
Tesla's CFO also departed the company in February, replacing the original CFO before that. The company's Autopilot director left at the end of 2016. So it's not clear if there are issues in the C-suite we're unaware of, or if these folks are truly taking new positions out of pure interest in other areas.
Let's hope it's the latter, rather than something being wrong with Tesla or Musk's leadership. Once again, it at least raises some eyebrows.
Shares of Tesla closed at $317.01 Tuesday, up 0.4%.
Yahoo! (YHOO) is implementing a share buyback, albeit, a unique one. Over time, investors begin to realize that some companies just aren't normal. Yahoo! is certainly one of them.