The State of Michigan Retirement System has more than doubled its stake in Tesla Inc. The fund purchased 494,000 shares and now owns them for a total of $191 million.
While uncertain investors are panicking and selling Tesla shares, more sensible ones are taking advantage of the great opportunity to add them to their portfolios. The State of Michigan Retirement System added hundreds of thousands of shares in the technology company in the third quarter, according to a 13-F report filed with the U.S. Securities and Exchange Commission (SEC). The report showed that at the moment, the fund owns 720,857 Tesla shares for a total of $191,207 million. This means that 494,000 Tesla shares were added in the past quarter.
The State of Michigan Retirement System first began buying Tesla shares in 2016, which caused a loud wave of discussion at the time. The state prohibited direct sales of Tesla cars in the state, but at the same time did not miss the opportunity to capitalize on the ownership of its shares.
In addition, the fund cut its stake in Meta Platforms by more than 540,000 shares during the quarter. This freed it up to buy more than 3.4 million Verizon shares and more than 37,000 Amazon shares, besides Tesla.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.
About the Author
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.