Fidelity sold 20% of its stake in Tesla in March

The Fidelity Investments Mutual Fund sold 1.4 million shares in Tesla in March, thus cutting their total stake in the automotive company by 20%. After the sale, the fund already owns 5.24 million shares of Tesla.

Tesla, headed by Elon Musk, experienced a turbulent first quarter, changing their retail strategy, changing prices, and canceling supplies. The company reported a greater than expected loss in its accounts on April 24. Also, the Board of Directors has undergone major changes.

The Fidelity Blue Chip Growth Fund, headed by Sonu Kalra, has sold 406,600 shares of Tesla, reducing its stake to 1.01 million shares. Fidelity Contrafund, headed by Will Danoff, sold 172,006 shares, leaving them with 263,025 shares. The Fidelity OTC Portfolio Fund, headed by Christopher Lin, sold 393,800 shares, virtually canceling its stake in Tesla.

The family of Fidelity funds has been gradually reducing its shares in the company from the end of 2016. They then announced they have a total of 22 million shares, equivalent to a busy share of 13.7%.

FMR, the parent company of Fidelity Investments, holds 9.1 million shares of Tesla, this being FMR's third-largest shareholder in Tesla with a 5.2% share.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.

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