T. Rowe Price, once Tesla’s largest institutional shareholder, has dumped the vast majority of its stake in the electric car-maker.
The investment firm sold off 81% of its shares in the first quarter, a filing with the Securities and Exchange Commission showed Wednesday.
T. Rowe had also reduced its stake in the fourth quarter.
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The giant institutional investor that Tesla once counted as its largest shareholder has drastically reduced its stake.
T. Rowe Price, Tesla’s largest institutional investor as recently as last fall, sold 81.3% of its position in the first quarter, a Wednesday filing with the Securities and Exchange Commission showed.
The firm’s funds now own just under 1% of outstanding shares, or nearly 1.7 million shares, according to Bloomberg equity ownership data. T. Rowe had previously halved its Tesla position in the fourth quarter to 5.2% from 10.12%.
T. Rowe Price’s position could have changed since the end of the quarter.
The significant reduction comes during a difficult run for Elon Musk’s automaker, with mounting concerns shaking investors’ confidence in a company long seen as having revolutionary potential in the electric vehicle space.
Tesla reported a larger-than-expected loss in its last quarterly report, disappointed …read more
Source:: Businessinsider – Finance