The Wall Street Journal: T. Rowe Price dumps most of its Tesla stake

T. Rowe Price Associates Inc. sold roughly 81% of its shares of Tesla Inc. over the first three months of the year, marking a sharp retreat for a firm that for years had been one of the electric-car maker’s biggest investors.

The fund manager held 1.7 million Tesla shares as of March 31, down from 8.9 million shares at the end of 2018, according to a Wednesday filing with the Securities and Exchange Commission.

T. Rowe TROW, +0.74%   declined to comment on the move, while Tesla didn’t immediately respond to a request for comment.

The move by T. Rowe comes as Tesla shares TSLA, -0.15%   have logged a 30% loss for the year through Wednesday, compared with the S&P 500’s SPX, +0.58%   14% gain.

An expanded version of this report appears on WSJ.com.

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