FILE PHOTO: A Tesla logo is painted on a wall inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo
April 18, 2019
(Reuters) – T. Rowe Price, once the second-largest investor in Tesla Inc after Chief Executive Officer Elon Musk, has shed most of its stake in the electric carmaker in a series of transactions over the last two quarters.
Funds managed by T. Rowe Price Group Inc owned a 10.12 percent stake in Tesla as of September. It sold roughly half of that stake in the quarter ended December and 92 percent of its remaining stake in the following quarter.
Tesla has been plagued with problems for the last several quarters, ranging from production hurdles for its Model 3 sedans to Musk’s brush off with securities regulators.
T. Rowe, which managed more than $1 trillion in assets, started investing in Tesla in 2015 and the electric carmaker said in 2016 it was among its top five investors.
(Reporting by Akanksha Rana in Bengaluru; Editing by Anil D’Silva)
