SolarCity Corp (SCTY) SVP Sells Stock, Capital One Invests

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SolarCity Corp (SCTY) SVP Sells Stock, Capital One Invests
By BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

Regulatory filings with the Securities and Exchange Commission show that SolarCity Corp (NASDAQ:SCTY) Executive Vice President Seth Weissman unloaded some shares of the solar system provider. On Wednesday, he sold 7,000 shares of SolarCity for an average price of just under $49 a share. He raked in nearly $342,000 in that sale.

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SolarCity insiders sell

That sale left Weissman with 158,777 shares of SolarCity Corp (NASDAQ:SCTY), which was worth more than $7.7 million. He’s not been the only insider to shuffle some shares of the company around this month, however. On May 9, Chairman Elon Musk, who’s also listed as a 10% owner of SolarCity Corp (NASDAQ:SCTY), indirectly bought about 15,000 additional shares of the company through a trust.

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Director John Fisher, who is also listed as a 10% owner for the company, disposed of millions of shares he owned indirectly through various funds and entities this month, according to regulatory filings.

Capital One partners with SolarCity

On a side note, SolarCity Corp (NASDAQ:SCTY) has entered into a key partnership with Capital One Bank. The bank said it partnered with SolarCity in the creation of an investment fund. That fund will help finance solar power systems for thousands of residences. According to the press release, Capital One has invested $100 million in that fund.

Through the creation of that fund, SolarCity Corp (NASDAQ:SCTY) will be able to offer free installations to thousands of homeowners in the U.S. The company’s solar power systems enable residents to pay less for energy by using solar power rather than electricity from the utility’s grid. SolarCity now said it has funds to finance over $4 billion worth of solar power systems.

“Thanks to Capital One, when we ask our customers “what’s in your wallet?,’ thousands more can say ‘all the money I saved on electricity bills by going solar,’” said Lyndon Rive, SolarCity Corp (NASDAQ:SCTY)’s founder and CEO, in a statement.

The company serves 15 states and provides a fourth of the nation’s new residential solar power systems. SolarCity included Capital One Bank’s investment in its May 7 earnings results announcement.

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Michelle Jones is editor-in-chief for ValueWalk.com and has been with the site since 2012. Previously, she was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Email her at Mjones@valuewalk.com.
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1 COMMENT

  1. Musk just rolled in another 10 million or so, Capital One put up 100 million to create a securitization facility. Think about it.

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