Finance, ICT - T Rowe Price Dumps Tesla
The American financial services giant T. Rowe Price has sold about 81 percent of its shares in Tesla Motors over the first three months of the year. The firm was once Tesla's biggest backer on Wall Street.
T. Rowe Price was Tesla's biggest institutional investor as of last fall in the northern hemisphere. Now, the firm's funds own less than one percent of Tesla's outstanding shares. Replacing T. Rowe at the top of the list is the Scotland-based investment firm Baillie Gifford, followed by Capital Group Companies and Fidelity Investments.
It comes after a series of significant setbacks for the electric car maker. Tesla disappointed analysts and investors alike with a larger-than-expected loss in its most recent quarterly report. The company has also had trouble meeting delivery schedules.