Connect with us

Hi, what are you looking for?


Clean Power

SolarCity Co-Founders To Take Pay Cut To $1 Per Year

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Lyndon Rive and Peter Rive, co-founders of the leading US solar developer, SolarCity, will take an extreme pay cut ahead of planned job cuts to streamline the company’s business in the wake of lower than expected PV installations for 2016.

IMAGE DISTRIBUTED FOR SOLARCITY - SolarCity Founder & CEO Lyndon Rive, Chairman Elon Musk, and SolarCity Founder & COO Peter Rive celebrate the company’s IPO by posing for a photo at the NASDAQ Stock Market on Thursday, Dec. 13, 2012 in New York. SolarCity is a leader of distributed clean energy and will trade under SCTY. (Mark Von Holden/AP Images for SolarCity)

SolarCity Co-Founder & CEO Lyndon Rive, Chairman Elon Musk, and SolarCity Co-Founder & COO Peter Rive. (Mark Von Holden/AP Images for SolarCity)

As reported earlier this month, SolarCity posted a net loss of $250 million in the second quarter, and downgraded full-year 2016 installations guidance. A slowdown in the second half of this year is expected to hit the solar industry, specifically in China and the United States, which is at least partly responsible for SolarCity’s revised guidance.

In an SEC filing, SolarCity advised shareholders that it would begin implementing initiatives “to realign the Company’s operating expenses to match the Company’s reduced guidance for Megawatts Installed.” According to the filing, these initiatives are expected to be completed by the end of this year, with a “substantial portion” of the estimated $3 million to $5 million in restructuring charges expected to fall heavily on the second half of fiscal year 2016.

It is expected that SolarCity will cut an unspecified number of jobs to help realign its business.

However, most importantly, the company’s co-founders, brothers Lyndon and Peter Rive, have requested that the company reduce their annual salaries from their current $275,000 per year to a token $1 per year, effective as of August 16, 2016. $1 is the minimum salary permitted by law, and signifies an impressive move in advance of expected job cuts.

Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.

EV Obsession Daily!

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it!! So, we've decided to completely nix paywalls here at CleanTechnica. But...
Like other media companies, we need reader support! If you support us, please chip in a bit monthly to help our team write, edit, and publish 15 cleantech stories a day!
Thank you!

Tesla Sales in 2023, 2024, and 2030

CleanTechnica uses affiliate links. See our policy here.
Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (, and can be found writing articles for a variety of other sites. Check me out at for more.


You May Also Like

Autonomous Vehicles

The new Walter Isaacson biography of Elon Musk has everyone talking and speculating about the motive behind the man.


Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News! I’m going to start this article off saying...


Former US President Trump recently derided the power and place of battery-powered transportation on his social media network. Amidst all the misinformation, one statement...

Autonomous Vehicles

The goal to regulate the emerging disruptive tech at the federal level seems desirable but also elusive.

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.