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The investment division of the Church of Jesus Christ of Latter-day Saints, increased its Tesla (NASDAQ: TSLA) stake in 2020 by 3,500%. This demonstrates the power of faith in further development and the ability to generate money by the manufacturer.
The Ensign Peak Advisors, the Mormon Church's $100 billion fund, held less than 13,000 Tesla shares at the end of 2019 (adjusted for a five-to-one share split last August), according to SEC filings. However, according to new documents submitted to the SEC, the fund increased its share more than fivefold in the second quarter of 2020. In 3Q the share was increased by another 50%. Several more purchases followed, resulting in Ensign Peak Advisors holding 467,000 shares of TSLA as of December 31, 2020.
So, coupled with a 700% increase in Tesla's share price last year, the fund's stake in the company has skyrocketed from $1 million to $330 million in 12 months. As of December, Tesla was ranked 23rd in value in the Ensign Peak Advisors portfolio in the US, up from 1487th listed in 2019.
Source: Markets Insider
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Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
