SolarCity, the solar panel company that Elon Musk’s Tesla Motors plans to buy, will take up to $5 million in charges to cover planned layoffs, it said late Wednesday.The struggles of inefficient energy that can't make it in the free market.
It's also cutting the salary of its two co-founders to $1.
The San Mateo, Calif.-based company, in a filing with the Securities and Exchange Commission, said it is cutting operating expenses to match lower guidance for solar panel installations than previously expected. SolarCity did not reveal how many positions it would cut, but expects to incur restructuring charges ranging from about $3 million to $5 million, consisting primarily of severance benefits, it said.
Thursday, August 18, 2016
USA Today reports:
Posted by Steve Bartin at 12:55 AM