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SolarCity takeover bid cuts Musk’s fortune by more than $800 million

Elon Musk already is feeling the pain from Tesla Motors’ $2.8 billion bid to buy SolarCity.

About $836 million in pain.

Musk, Tesla’s biggest shareholder as well as its chairman and CEO, saw the value of his Tesla stock drop by $895 million as the electric car maker’s shares tumbled by more than 11 percent in pre-market trading on Wednesday.

But that was only partly offset by the rise in the shares of SolarCity, where Musk is chairman and the company’s largest shareholder. His stake in SolarCity was worth $59 million more than it was when the stock market closed on Tuesday, based on the 13 percent rise in SolarCity’s shares in pre-market trading on Wednesday.

Even so, Musk isn’t headed to the poor house. His Tesla stake still is worth more than $7 billion, while his SolarCity shares are valued at more than $529 million.

email: drobinson@buffnews.com