Musk’s two cousin who are on SolarCity’s board have also acquired $17.5 million each of SolarCity’s $124 million bond offering.
According to a filing made by Tesla Motors, Elon Musk, its CEO, is said to be purchased bonds worth $65 million from SolarCity Corp, the latest debt offering by the solar panel company which Tesla plans to acquire for $2.6 billion.
This move by Musk comes in the wake of SolarCity stating last week that it will be slashing operating costs to reign in expenses, considering its reduced solar outlook.
As per a filing made by SolarCity, Lyndon Rive, its CEO and Peter Rive, its CTO, are each buying another $17.5 million of the $124 million offer.
This appears to be the first time that Musk has directly purchased the bonds of the loss making company. In the past, SpaceX, Musk’s space transport services company had bought them.
Musk is SolarCity’s largest shareholder, he is also Rives’ cousin.