Copyright BusinessAMBE

Among others, George Soros (the Soros Fund) and Ken Griffin (Citadel Advisors) and John Overdeck and David Siegel (Two Sigma Investments) chose eggs for their Tesla shares this quarter.

In the news: A lot of Tesla shares owned by not the least shareholders hit the market.

The numbers

The following share sales were recorded during the quarter:

  • George Soros: 132,000 shares, $16.3 million.
  • Ken Griffin : 7,000,000 shares, $1.5 billion.
  • Overdeck & Siegel: 1,500,000 shares, $300 million.

Why.

  • Tesla's stock price moved mostly upward this year. At the first trading day of 2023, the price was about $108 per share. Today it is $166; the highest price recorded this year was $214. Almost a doubling.
  • That growth move was mostly a recovery move. In 2022, the Tesla share price reacted inversely to CEO Elon Musk's interest in social media platform Twitter. The 2023 starting price was about its two-year low.
  • Musk himself sold $7 billion worth of Tesla shares in the fall of 2022 to finance .
  • The timing of the sale may indicate that shareholders waited until the stock price stood favorably enough to end up with a positive return, or at least to limit losses.

Not a general phenomenon

  • Markets are not in unanimous agreement that Tesla should be removed from the portfolio. Other major players such as Bank of America and Germany's Loomis Sayles increased their position in Tesla by at least 1 million shares, knows .
  • Tesla has a bit with pricing in recent months. Increasing competition from Asia forced Musk to adjust the price tag downward, putting pressure on profitability. Though it was thought that a larger group of people would consider a purchase as a result, thus offsetting lost profits.
  • Though that strategy proved not to be the golden ticket, and price increases were already back in place. As were for the electric cars, which Musk previously thought he didn't need.

(ns)

© The Content Exchange, source News