Panasonic sells its Tesla shares for $ 3.6 billion

Panasonic sells its Tesla shares for $ 3.6 billion

Panasonic sold its stake in Tesla for approximately $ 3.61 billion in the fiscal year ending March 31. This was announced by a source with reference to the words of a representative of the Japanese conglomerate.

The sale is prompted by the desire to reduce dependence on the manufacturer of electric vehicles and get free funds for investment.

In 2010, Panasonic bought 1.4 million shares of Tesla at a price of $ 21.15 per share, that is, for about $ 30 million. At the end of March 2020, this share was worth $ 730 million. Since then, the stock has risen nearly sevenfold. At the time of this writing, one Tesla share is worth $ 679.82. Analysts point out that the growth is largely due to cryptocurrency fraud, so now is a good time to sell.

According to a Panasonic spokesman, the sale of the stake will not affect the partnership with Tesla.

Panasonic sells its Tesla shares for $ 3.6 billion

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