More than 85 per cent of Tesla shares voted in favor of the deal, according to a company statement, which said SolarCity shareholders also approved the acquisition. Musk owns 21 per cent of Tesla and 22 per cent of SolarCity, making him the largest shareholder of both companies. Tesla rose 2.6 per cent to US$188.66 at the close Thursday, while SolarCity gained 2.9 per cent to US$20.40. The advocacy group Citizens for the Republic has called for Congress to end federal subsidies for "all Elon Musk companies," including solar investment tax credits. Fans of Musk and his vision, meanwhile, doubled down heading into Tesla and SolarCity's vote Thursday.

Source: New Zealand Herald November 17, 2016 22:22 UTC