The investment giant that was once Tesla’s biggest Wall Street backer cut its stake in half last year. Now it’s dumped most of what was left. (TSLA)

Tesla shares.

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 investor that Tesla once counted as its largest institutional 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 investors and analysts alike with its latest vehicle delivery figures, and underwhelmed with its long-awaited Model Y unveiling.

Read more: A vocal Tesla bull says he can no longer ‘look investors in the eye’ and recommend the stock

As of Thursday, Musk remains Tesla’s largest shareholder, with just under 34 million shares or 19% of the company’s outstanding shares, per Bloomberg data.

Other institutional investors have only built up their positions.

The largest institutional shareholder is now Baillie Gifford, with 13 million shares, or 7.5% of Tesla’s outstanding shares. The Scotland-based investment firm bought just over 10,000 shares in the first …read more

Source:: Business Insider

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