Tesla CEO Elon Musk presented the first batch of made-in-China cars to ordinary buyers on January 7, 2020 in a milestone for the company’s new Shanghai “giga-factory”, but which comes as sales decelerate in the world’s largest electric-vehicle market.
The Saudi Arabia Public Investment Fund dumped 39,000 shares of Tesla in the fourth quarter of last year, a new filing Tuesday revealed.
That amounts to 99.5% of its holding in the stock, according to InsiderScore.com.
The selling happened before Tesla’s massive rally in the new year. Shares of the electric carmaker soared 20% to above $900 on Tuesday, bringing its 2020 gains to more than 110%.
The Saudi fund had dramatically cuts its net exposure to Tesla stock early 2019 after CEO Elon Musk settled fraud charges with the Securities and Exchange Commission over the claim to take his company private. Musk said then the kingdom would back a buyout.
This is a developing story. Check back for updates.