Enter: Saudi fund Tesla sells almost all of its holdings before big rally

The Saudi public investment fund “perfectly” missed a windfall by selling almost all of its shares in Tesla’s shareprice before the company’s share price surged in the fourth quarter of last year, according to a regulatory filing released Tuesday. The fund sold 99.5 per cent of its Tesla stake in the fourth quarter and now holds only about 39,000 shares.

As of the end of the third quarter of last year, the Saudi public investment fund held more than 8.2 million shares in Tesla, according to documents filed with the Securities and Exchange Commission. If not sold, the shares would be worth more than $7.2 billion at Tuesday’s closing price.

Enter: Saudi fund Tesla sells almost all of its holdings before big rally

The sell-off at the end of the fourth quarter meant the fund missed Tesla’s big gains in the new year. Shares in the electric car maker surged more than 13 per cent to around $887 on Tuesday, up more than 110 per cent this year and now worth more than $160bn.

Prior to the latest sale, the sovereign wealth fund had slashed its net exposure to Tesla’s stock in early 2019.