Saudi Arabia fund dumped nearly all of its Tesla shares in the fourth quarter before the rally
Saudi Arabia fund dumped nearly all of its Tesla shares in the fourth quarter before the rally"
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
The Saudi Arabia Public Investment Fund in the fourth quarter of last year dumped nearly all the shares of Tesla it owned, missing out on a big windfall, a new filing Tuesday revealed.
The fund now holds about 39,000 shares of the stock after selling 99.5% of its holding last year, according to InsiderScore.com and public filings. The fund held more than 8.2 million shares
by the end of the third quarter of 2019, according to filings with the Securities and Exchange Commission.
Those shares would be worth more than $7 billion at Tesla's price Tuesday.
The selling by the end of fourth quarter means the fund missed out on Tesla's massive rally in the new year. Shares of the electric-car maker soared 13% to about $887 on Tuesday, bringing
its 2020 gains to more than 110%.
Before the latest sale, the sovereign wealth fund had dramatically cut its net exposure to Tesla stock in early 2019 after CEO Elon Musk settled fraud charges with the SEC over the claim to
take his company private.
Tesla's epic run recently has been fueled by analysts raising price targets to catch up to the stock and short covering by investors betting against the shares. Musk's Tesla has more
investors betting against the company than any other U.S. stock, according to S3 Partners. Short sellers have lost more than $8 billion since the beginning of the year, S3 said.
The company's rapid rally has pushed its market capitalization above $160 billion, which tops Netflix's $157 billion market cap.
Investors turned more bullish after the company reported deliveries of 112,000 vehicles globally during the fourth quarter, a personal best for Tesla. That number significantly topped Wall
Street estimates, and hit the low end of Musk's year-end sales goal.
Correction: The Saudi Arabia Public Investment Fund now holds about 39,000 shares of Tesla after selling 99.5% of its holding last year, according to InsiderScore.com and public filings. An
earlier version misstated the number of shares.
Sign up for free newsletters and get more CNBC delivered to your inbox
Get this delivered to your inbox, and more info about our products and services.
© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
Trending News
CRYPTO40000 - Cryptoassets for businesses: contents - HMRC internal manual - GOV.UKCRYPTO40000 - Cryptoassets for businesses: contents This section explains how HMRC will tax transactions of cryptoasset ...
Go wild with these dental chairsImportant note to readers This content has been created for the entertainment of readers in the spirit of seasonal good ...
Karnataka govt declares holiday on May 12 to encourage maximum voter participationThis is in an effort to encourage and ensure maximum participation of voters.According to the notification, the jurisdic...
ECSH33120 - Understanding business activities - HMRC internal manual - GOV.UKECSH33120 - Understanding business activities After the initialreview and initialcontact, you will start to build an ove...
DMBM555520 - Debt and return pursuit: tax credits: interest: action by Credit Compliance Office (CCO) - HMRC internal manual - GOV.UKAs there is no NTC interest indicator or signal on either the NTC system or IDMS, interest cannot be calculated automati...
Latests News
Saudi Arabia fund dumped nearly all of its Tesla shares in the fourth quarter before the rallyThe Saudi Arabia Public Investment Fund in the fourth quarter of last year dumped nearly all the shares of Tesla it owne...
Somatic APC mosaicism and oligogenic inheritance in genetically unsolved colorectal adenomatous polyposis patientsDownload PDF Article Open access Published: 24 January 2018 Somatic APC mosaicism and oligogenic inheritance in genetica...
Man Robs Bank, Then Escapes on FootTHOUSAND OAKS — A middle-aged man robbed a Western Financial Bank branch Wednesday afternoon and fled on foot, authoriti...
DMBM555520 - Debt and return pursuit: tax credits: interest: action by Credit Compliance Office (CCO) - HMRC internal manual - GOV.UKAs there is no NTC interest indicator or signal on either the NTC system or IDMS, interest cannot be calculated automati...
ECSH33120 - Understanding business activities - HMRC internal manual - GOV.UKECSH33120 - Understanding business activities After the initialreview and initialcontact, you will start to build an ove...