Top Stories
Top Stories
Markets

Tesla's largest institutional investor just cut its stake in half

Key Points
  • T. Rowe Price owned 8.98 million Tesla shares by the end of last year, according to a filing at the Securities and Exchange Commission.
  • The new, smaller stake represents 5.2 percent of the electric auto maker's common shares outstanding at the end of December.
  • Previously, T. Rowe Price was the electric car maker's second-largest shareholder behind CEO Elon Musk.
Tesla fans standing in long lines to preorder the new Tesla in March, 2016.
John Leyba | The Denver Post | Getty Images

T. Rowe Price cut its stake in Tesla in half during the fourth quarter, according to a government filing.

The international money manager owned 8.98 million Tesla shares by the end of last year, according to a filing at the Securities and Exchange Commission. The new, smaller stake represents 5.2 percent of the electric auto maker's common shares outstanding at the end of December. The Baltimore-based fund group reported in a prior filing that it owned 17.4 million shares, or a 10.2 percent stake, as of Sept. 30.

VIDEO6:3406:34
Why one analyst thinks Tesla's stock is about to kick into overdrive

T. Rowe Price was the electric car maker's second-largest shareholder behind CEO Elon Musk at the end of the third quarter of 2018. The firm had $962 billion in assets under management as of Dec. 31.

Tesla shares rose almost 26 percent during the fourth quarter and were up 2.7 percent Monday afternoon, above $314 per share.

T. Rowe Price declined to comment for this story, while Tesla did not immediately responded to CNBC's request for comment.