Soros sold its entire Tesla stake worth $16 million

Per Business Insider

The family office of billionaire investor George Soros sold its entire Tesla stake in the first quarter of 2023. The investor's stake was reportedly worth a whopping $16 million, per a recent 13F filing.

This came as the company experienced a rebound from January to March when the EV stock saw a 68% increase. The accumulation of this stock reportedly happened during the second quarter of 2022.

At the end of 2022, it was reported that Soros accumulated 132,000 shares. The investor likely enjoyed the recent rally of the wide tech market.

Year-to-date, it was noted that Tesla stock was up by 37% at the time of the report by Business Insider. At the start of the year, Soros' stake in the EV stock was reportedly worth around $14.3 million. At the peak of Q1, the shares were reportedly worth about $28.3 million.

In February, it was reported that Tesla was sold out of the Model Y in the US for the quarter. This came as the company completely ran out of production build slots for the Model Y for that quarter.

This makes the Model Y Tesla's highest-volume model. However, it was noted that the base Model 3 vehicle can still be built and delivered with an estimated delivery time of February to March during that period.

This comes as Tesla decided to slash its prices in the US, with the Model Y having the largest drop of $13,000. The company has decreased its prices in other markets like China, Singapore, and others.

In February, Elon Musk also noted that Tesla was going to make California their new global engineering headquarters. This came as the company's main headquarters was located in Austin, Texas.

Musk: “This was HP’s original headquarters, and so I think it’s a poetic transition from the founders of Silicon Valley to Tesla and we’re very excited to make this our global engineering headquarters,”

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