According to people familiar with the matter, Japan's PanasonicThe company has sold all its Tesla holdings in the last fiscal year to the end of March.Shares, which have earned billions of dollars, are used to finance new investments.
Panasonic bought 1.4 million shares of Tesla in 2010 for a total of less than $30 million, or $21.15 a share. Tesla shares are now worth $679.82 a share.
Panasonic's holdings of Tesla shares are worth about 80 billion yen, according to Panasonic's securities report for the fiscal year ended March 2020. Tesla's shares have soared since the spring of 2020, reaching $900a share at one point in January this year. Considering the impact of Tesla's split in August last year, the share price is about nine times what it was at the end of March 2020. If sold at a high level, Panasonic's revenue would amount to hundreds of billions of yen.
According to Panasonic's consolidated cash flow statement for the last fiscal year, the company earned 429.9 billion yen ($3.88 billion) from its investment in sales and redemptions, most of which is likely to come from the proceeds from the sale of shares in Tesla.