Must Read Money Stories for Wednesday, June 22

by June 22, 2016

Must Read Money Stories

Musk To Consolidate?

Why would an electric car company want to buy a solar rooftop company? Ask Tesla CEO Elon Musk, who has offered to buy SolarCity Corp., which he co-founded. Bloomberg reports that Tesla’s current offer is $2.86 billion. Musk and his car company have called the offer an opportunity to create an organization that covers all facets of clean energy. Elon Musk holds 22 percent of SolarCity, which his cousins run.

End of the Line

The last nuclear plant in California is on its way out. Pacific Gas and Electric Co. will not renew its license for the Diablo Canyon plant in 2025, which is when the plant will close. The San Luis Obispo Tribune reports that the decision stems from state regulations that incentivize renewable energy. Several labor and environmental groups also influenced Pacific’s decision. The agreement, which the state utility commission has yet to approve, would require Pacific to get rid of energy that creates greenhouse gas and pay San Luis Obispo County about $50 million during the next nine years.

The “Brexit” Effect

Britain’s potential departure from the European Union could impact the U.S. Federal Reserve’s decision to raise interest rates. That was the warning of Fed Chair Janet Yellen, who has urged that the Fed take a cautious approach to raising interest rates. Yellen told the Senate Banking Committee Tuesday that the Fed is closely monitoring the upcoming referendum to see if it will negatively impact the global and U.S. economies, Reuters writes. Yellen has said she does not want to raise interest rates during a time of economic instability and has pointed to tepid U.S. employment statistics as another reason for caution. Britain votes on Thursday, June 23.

Big League Scam

An investment advisor faces a lawsuit for allegedly using the pocketbooks of professional athletes without their consent. The lawsuit says defendant falsely posed as a certified public accountant to the athletes and then secretly used their money to make his own investments, USA Today reports. The list of duped athletes includes San Francisco Giants pitcher Jake Peavy and Denver Broncos quarterback Mark Sanchez.

Elon Musk” by flickr user “JD Lasica” CC license CC by 2.0