Daily Tech Snippet: Wednesday, June 22

• Tesla offers $2.8 billion for SolarCity in 'no brainer' deal for Musk: Tesla’s stock drove off a cliff after the SolarCity bid was announced, and Elon Musk and his family could stand to gain $700 million in Tesla shares from SolarCity deal: Elon Musk on Tuesday sought to build a clean energy powerhouse as his electric car maker, Tesla Motors , made an offer to buy his solar installation firm SolarCity Corp in a stock deal worth as much as $2.8 billion. Tesla shares plunged more than 13 percent to $189.99 in extended trading - amounting to a loss in value of about $4.3 billion, or more than the value of the offer for the other company. Shares of SolarCity rose about 18 percent to $25.02. Musk, who is the chairman of SolarCity, CEO of Tesla and the largest shareholder of both companies, described the deal as a "no brainer" in a call with reporters. Tesla investors punished the company's shares, however.  Musk, who owns 19 percent of Tesla and 22 percent of SolarCity, said he would recuse himself from voting on the deal. He could not say how soon shareholders could vote on the deal, as due diligence needs to take place first. SolarCity CEO Lyndon Rive, Musk's first cousin, said he supported the deal but would also recuse himself from voting. Rive's brother, Peter, is also a founder of the company and its chief technology officer.

• SoftBank President Nikesh Arora Plans to Step Down: A former Google executive and Silicon Valley star was on course to be the next chief executive of SoftBank of Japan, one of the world’s most prominent technology conglomerates. Now he is leaving, in an abrupt shakeout that shows cracks in SoftBank’s global ambitions. When the executive, Nikesh Arora, was poached two years ago from a coveted role as Google’s head of business operations, the hire was widely considered a coup for SoftBank. Its billionaire founder and chief executive, Masayoshi Son, crowned Mr. Arora heir apparent. Mr. Arora was vaunted for his deal-making prowess and seen as an international executive who would help transform SoftBank with a flurry of investments. One of Mr. Son’s most cherished ambitions was to turn SoftBank, a Japanese business with some notable overseas names like the American carrier Sprint, into a truly global enterprise. The honeymoon did not last.Investors have criticized Mr. Arora recently for his record of managing SoftBank’s overseas deals. Investments in start-ups like DramaFever and Housing.com, these shareholders have said, appear to have soured as the companies have faltered. And the carefully orchestrated succession plan — or what appeared to be — has collapsed. Mr. Son decided he was not ready to give up the reins soon. Mr. Son, 58, said in a statement that he still wanted to “work on a few more crazy ideas” at SoftBank. Mr. Son cited differences over when Mr. Arora would take over as chief executive as the reason he had agreed to step down. Mr. Arora, who was born in India, holds the titles of president and chief operating officer. “This will require me to be C.E.O. for at least another five to 10 years — this is not a time frame for me to keep Nikesh waiting for the top job,” Mr. Son said. Mr. Arora, 48, also presented the parting as amicable. “Masa and I are still in love with each other,” he posted on Twitter. “I will support everyone I invested in, and they know that.”