The Tennessee Department of Treasury, which oversees the state's financial operations, bought even more Tesla (NASDAQ: TSLA) shares by selling General Electric and Walmart shares.
The Tennessee Department of Treasury's large portfolio changes that occurred in Q1 2021 was filed with the Securities and Exchange Commission. Significant stock buying and selling were seen in the form, although the Treasury declined to comment on the stock trades. The agency currently manages $82 billion in assets, of which $53.4 billion is the market value of the Tennessee Consolidated Retirement System fund, Barron's reports.
The agency bought 67,648 Tesla shares and now has 361,343 shares in its portfolio. Tesla shares fell 5.3% in Q1 2021, which provided an excellent buying opportunity.
The electric vehicle manufacturer has an excellent production and sales record. The actively continuing expansion of production capacity further instills confidence in further growth. Tesla's two new factories in the US and Germany are expected to begin operations in 2021, while Giga Shanghai continues to expand.
H/T @SawyerMerritt/Twitter
© 2021, Eva Fox. All rights reserved.
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About the Author
Eva Fox
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.
