BlackRock, Vanguard and State Street have a combined 13.58% stake in the US electric-car maker.
Musk has dumped billions of dollars in Tesla stock to fund his $44 billion acquisition of Twitter.
Elon Musk now owns less stock in Tesla, the EV maker he founded, than America's "Big Three" passive-investing funds have, the Financial Times has reported.
The combined holdings of the index fund industry's three giants — BlackRock, Vanguard and State Street — make up a 13.58% stake in Tesla, it found.
Vanguard funds own 6.85% of Tesla, adding up to the second-biggest shareholder, while BlackRock and State Street funds have a 3.6% and 3.13% stake, respectively.
The billionaire has been dumping shares in Tesla, largely to fund his $44 billion acquisition of Twitter but also to cover tax bills and service debts. He has disposed of nearly $40 billion worth of Tesla stock in less than 14 months, helping drive a steep slide in the automaker's stock price last year.
Tesla shares have shot up about 69% this year so far, as investor optimism about stocks grows. But they still trade far below their peak price above $400, hit in November 2021.
Still, that gain could be good news for the "Big Three" fund providers, given the vast majority of their holdings in Tesla are likely in passively managed funds, per the FT.
The most popular passive funds have a portfolio of shares that mirrors a stock index — typically a broad benchmark like the S&P 500. The goal is to match the market, not beat it.
The Vanguard Group is Tesla's biggest institutional investor, holding 225.94 shares, representing 7% of Tesla ownership. Elon Musk oversees all product design, engineering, and global manufacture for Tesla's electric automobiles, battery products, and solar energy products, according to the company's website.
Although it's not as sizable as Vanguard's position, it's worth noting that BlackRock isn't far behind, owning about 5.9% of Tesla's outstanding shares.
Even those who don't keep close tabs on Tesla (NASDAQ: TSLA) are surely familiar with Elon Musk and the commanding position he plays in the company's operations. Musk is also the largest shareholder of Tesla stock.
"I always invest my own money in the companies that I create," Musk has been quoted as saying. "I don't believe in the whole thing of just using other people's money.
Vanguard set out in 1975 under a radical ownership structure that remains unique in the asset management industry. Our company is owned by its member funds, which in turn are owned by fund shareholders. With no outside owners to satisfy, we focus squarely on meeting the investment needs of our clients.
Tesla, Inc. Unique among foreign automakers in China, the plant is wholly owned by Tesla and not operated as a joint venture with a Chinese company, the first time the government had allowed such an arrangement. While Tesla owns the factory, it does not own the land it is built on, as is typical in China.
BlackRock, which has offered shares to the public since its 1999 IPO, is mostly owned by institutional investors, including the Vanguard Group, State Street Corp.(STT 0.39%), Bank of America (BAC 0.18%), and Temasek Holdings, a Singapore state-owned conglomerate.
CEO Elon Musk is by far the largest shareholder, with over 20% of the company's equity. Besides Musk, the largest shareholders are asset management companies like BlackRock, Vanguard, and State Street.
Largest shareholders include Vanguard Group Inc, BlackRock Inc., State Street Corp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, VFINX - Vanguard 500 Index Fund Investor Shares, Geode Capital Management, Llc, Jane Street Group, Llc, Susquehanna International Group, Llp, Jane Street Group, Llc, and ...
He called him “a brilliant, brilliant guy” at his company Berkshire Hathaway's (BRK.B) annual shareholders meeting in 2023. “He dreams about things, and his dreams have got a foundation.” He also noted, “We don't want to compete with Elon in a lot of things.”
Elon Musk is Tesla's largest individual shareholder, owning 412.6 million shares, representing 13.04% of the stock. This valued Musk's stake in the company at $84.89bn. Other Tesla executives hold less than 1%. Institutional investors hold less of Tesla's stock than some of its key competitors.
What ETF is Tesla in? There are 362 ETFs which contain Tesla. All of these ETFs are listed in the table below. The ETF with the largest weighting of Tesla is the SPDR S&P US Consumer Discretionary Select Sector UCITS ETF.
According to the latest figures, BlackRock, Vanguard, and State Street collectively own a significant percentage of the S&P 500. As of the end of 2021, BlackRock owned approximately 11% of the index, Vanguard owned approximately 10%, and State Street owned approximately 7%.
2024-02-13 - Vanguard Group Inc has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 1,317,966,471 shares of Apple Inc. (US:AAPL). This represents 8.47 percent ownership of the company.
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