FILE PHOTO: Tesla logo is painted on a wall in a Tesla dealer in New York, USA, April 29, 2016. REUTERS/Lucas Jackson/File Photo
(Reuters) – T. Rowe Price, once the second largest investor in Tesla, Inc. after Chief Executive Officer Elon Musk, spent most of its stake in the electric carmaker in a series of transactions over the last two quarters.
Funds managed by T. Rowe Price Group Inc is in the possession of a 10.12% of the shares in Tesla September. It sold about half of that stake in the quarter ended December and 92 percent of the remaining interest in the following quarter.
Tesla has been plagued with problems for the last couple of quarters, ranging from the production of obstacles for its Model 3 sedans to Fix it. the brush with securities regulators.
T. Rowe, which manages more than $1 trillion in assets, started investing in Tesla in 2015, the electric car manufacturer said, in 2016, was one of the top five investors.
Reporting by Akanksha Rana in Bengaluru; Editing by Anil D’silva