Tesla shares sold : Panasonic Corp (6752.T) sold a stake in electric vehicle manufacturer Tesla Inc (TSLA.O) in March this year for an estimated 400 billion yen ($3.61 billion), a Japanese company spokeswoman said Friday.
Panasonic held around $730 million worth of shares of Tesla stock in March last year, Panasonic disclosed in its filing Friday,and the stake was reduced to zero at the end of that March.
Panasonic, which co-owns the battery plant with Tesla,sold all its shares of Panasonics stake in the electric carmaker for about 400 billion yen ($3.6 billion).
Tesla shares sold by Elon Musk
Panasonic held $730 million in shares of the electric carmaker in March 2020. The sale would have no impact on its partnership with electric vehicle manufacturer Tesla, Panasonic said, but comes at a time when Elon Musks company is diversifying the supply chain for batteries.
Multibillionaire Elon Musk”Tesla shares sold billions in stock in the electric car maker Tesla to help finance its purchases, helping drive down shares.
The electric carmaker Tesla has been among the worst-performing stocks among the big automakers and tech companies this year, with investors worried that the multi-billionaire Elon Musks acquisition of the social media platform Twitter is taking away from its focus.
The electric car maker was valued over $1tn late last year, but has seen its value fall over recent months. Tesla stock (TSLA) Shares of Tesla Inc.
(TSLA) fell 0.35 percent in post-market trading on Thursday, after the electric vehicle manufacturer completed a three-for-one stock split intended to make ownership more affordable to its employees and individual investors.
Tesla electric car manufacturer
Tesla (TSLA) announced the stock split Aug. 5, saying every shareholder on record Aug. 17, 2022, would receive an additional dividend of two shares of common stock for every share held at that time, and trading began Aug. 25 on a share-split adjusted basis.
Teslas 1.4 million shares were valued at $730 million at the end of March 2020, and shares have increased nearly seven-fold since that time. The sale would have no impact on its partnership with Tesla, said a Panasonic Corp. spokesman (6752.T) and was made under the companys stockholders equity control overhaul.
The sale comes as Panasonic looks to raise money for investment in growth, as well as reduce Panasonics dependence on Tesla. Panasonics battery business is dominated by electric-car maker Tesla.