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Saudi Arabia Foundation divested of Tesla stock

Economy
05.02.2020
79
Saudi Arabia Foundation divested of Tesla stock

The Saudi Arabian Sovereign Investment Fund sold almost the entire stock of Tesla shares during the fourth quarter of 2019. For this reason, the organization was unable to see a sharp rise in the price of Tesla securities.

Before the sale, the fund held over 8.2 million shares, according to the United States Securities Commission. At the moment, it got rid of 99.5% of assets, leaving only 39 thousand securities.

Since the beginning of 2020, the value of Tesla shares has risen in price by 112%, notes the edition of Yahoo Finance. The value of the package previously owned by the fund would now reach about $7.2 billion. At the end of the third quarter, the shares owned by the fund were estimated at $2.6 billion.

In early 2019, the sovereign wealth fund insured Tesla shares against financial risks, thereby reducing the potential profit in the event of a rise in price. They decided to do so after the conflict between Elon Musk and the Securities Commission.

In August 2019, Elon Musk wrote on his Twitter account that he wants to make the company private again, and also plans to buy back all shares from the stock markets. In response, the Commission accused the entrepreneur of false statements and market manipulation. It also appointed Musk a $20 million fine and forced him to leave the post of head of the Tesla board of directors.

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