High-profile investor Chamath Palihapitiya said Wednesday that he sold his position in
stock over the last year.
The founder of venture firm Social Capital has been bullish on Tesla (ticker:
But the former Facebook executive, and special-purpose acquisition company (SPAC) investor who helped launch
‘s (SPCE) listing, said he cashed out of Tesla to fund other projects “in the last year or so.”
Speaking at a CNBC conference Wednesday, Palihapitiya said he no longer had a sizable stock position in Tesla, having sold down his stake while the stock was on a tear.
“The price has allowed me to,” Palihapitiya said. “I don’t have an infinite pool of capital.”
“When I have these ideas, the money has to come from someplace,” the investor said, speaking of a new venture linked to distributed energy utilities.
Tesla stock rose nearly 700% in 2020, from less than $90 a share, to more than $700. It traded near $900 in early 2021, and today hovers around $780, having risen 7% year-to-date, lagging the
16% and the
Palihapitiya isn’t the only Tesla booster who has been selling shares of the company. ARK Invest’s Cathie Wood sold more than $200 million of Tesla stock recently. Unlike Palihapitiya, it remains the largest holding in her
ARK Innovation ETF
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