Panasonic may sell its stake in Tesla for $3.6 billion as crypto assets push up its share price

Panasonic has sold its stake in Tesla Inc. for about 400 billion yen ($3.61 billion) over the past period, a spokeswoman for the company said on Friday, according to Reuters news agency. ace Research Institute analyst Hideki Yasuda 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.

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