Tesla offers to buy solar panel maker SolarCity in $2.8b deal

A sign is seen at the SolarCity building in Denver February 17, 2015. SolarCity reports earnings after the market closes February 18, 2015. REUTERS/Rick Wilking

Elon Musk‘s on Tuesday sought to build a clean energy powerhouse as his electric car maker,Tesla Motors Inc, made an offer to buy his solar installation firm SolarCity Corp in a stock deal worth as much as $2.8 billion.

Tesla shares plunged more than 13 percent to $189.99 in extended trading – amounting to a loss in value of about $4.3 billion, or more than the value of the offer for the other company. Shares of SolarCity rose about 18 percent to $25.02.

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