Business & Tech
PayPal Co-Founder Musk Moves to Take San Mateo Solar Company Public
Musk, who also heads Tesla Motors, filed a draft with the Securities and Exchange Commission on Thursday to take San Mateo-based SolarCity public.
A San Mateo-based solar power company headed by PayPal cofounder Elon Musk announced on Monday that it plans to go public.
SolarCity, one of the nation’s largest residential and corporate solar installers, will take its stock public as soon as the Securities and Exchange Commission completes its review of a draft statement the company submitted on Thursday, Bloomberg News reports.
Brothers Lyndon and Peter Rive, who are Musk’s cousin, launched the company in 2006.
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Musk also heads Tesla Motors.
SolarCity is headquartered in San Mateo and also has offices in Foster City.
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SolarCity didn’t pop open it’s financial hood as it would have had to before JOBS Act changed the rules for public filings for companies with less than $1 billion in revenue, Silicon Beat reports.
