Panasonic may sell its stake in Tesla for $3.6 billion as crypto assets push up its share price
According to Reuters, Panasonic has sold its stake in Tesla Inc. for about 400 billion yen ($3.61 billion) over the past period, a spokeswoman said on Friday. Hideki Yasuda, an analyst at Ace Research Institute, said, “The crypto asset The impact may have pushed Tesla’s share price above its intrinsic value, making it a good time to sell.” Panasonic bought 1.4 million shares of Tesla in 2010 for about $30 million at $21.15 per share. As of the end of March 2020, the shares were worth $730 million. Since then, the stock has risen nearly sevenfold, closing up 3.5 percent to $679.82 per share on Thursday.