Investing.com – Tesla Motors (NASDAQ:TSLA) shares extended sharp losses Wednesday after its offer to buy SolarCity.
Tesla shares were down 11% at $198 in pre-trade after shedding 13% Tuesday.
The electric carmaker made a stock offer of up to $2.8bn for the solar installation firm.
Tesla CEO and SolarCity chairman Elon Musk said the deal is a “no brainer.”
Musk is the largest shareholder in both companies.
Shares in SolarCity, which has liabilities of $6.2 billion, were up 16% at $24.6.