Wall Street hates Elon Musk's Tesla-SolarCity plan
Tuesday evening he proposed having his electric car company Tesla (TSLA) buy his solar panel company SolarCity (SCTY) in a stock deal valued at about $2.5 billion. And he sees the combined companies as changing the world. "The potential is there for Tesla to be a $1 trillion market cap company, if we play a major role in transitioning the world to a new form of energy generation, and storage and transport," he told investors Wednesday morning. But shares of Tesla tumbled more than 10% in trading Wednesday following the announcement. And SolarCity, up 17% Tuesday night, closed up only 3% Wednesday amid doubts that shareholders will OK the deal.