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T. Rowe Price (NASDAQ: TROW) reduces its Tesla stake by over 80%

  • Rowe Price Group Inc. (NASDAQ:TROW) sold over 80% of the Tesla (NASDAQ: TSLA) shares it owned last year in Q1 2019.
  • The company currently holds 1.7 million Tesla shares as opposed to the 8.9 million shares it held in December 2018.

The American asset manager disposed of its Tesla shares in a move to distance itself from the company, but increased its stake in Tesla’s competitors such as GM’s Cruise autonomous driving unit.

The firm’s current Tesla holdings are its lowest since 2013. Fund outflows could have contributed to the reduced stake because T.Rowe manages both active and passive funds.