Top Tesla Investor Dumps 81% of Stock in Brutal Rebuke to Elon Musk
Elon Musk suffered a brutal rebuke this week after major Tesla investor T. Rowe Price revealed that it had dumped 81% of its TSLA stock. | Source: REUTERS / Toru Hanai / File Photo
By CCN: The Wall Street Journal reports that T. Rowe Price Associates dumped around 81% of its Tesla stake during the first quarter of 2019. This is a brutal rebuke to the Elon Musk-led company, as T. Rowe Price has been one of the largest holders of Tesla stock over the years.
T. Rowe Price Unloads Tesla Shares – And It’s Not Alone
T. Rowe Price held just 1.7 million shares of Tesla on March 31 this year, down substantially from the 8.9 million shares it owned at the end of 2018. Its stake in the EV company is now at its lowest level since 2013.
The fund manager’s massive cut in its TSLA position doesn’t seem entirely surprising, as the stock has lost more than 30% of its value so far in 2019. The S&P 500 has gained more than 14% over the same period, making Tesla stock a laggard when compared to the broader market.
Earlier in May, it emerged that three of Fidelity’s mutual funds sold a combined 1.4 million shares. The asset manager is Tesla’s second-largest institutional investor,