One-time big Tesla bull Chamath Palihapitiya says he sold his position
Chamath Palihapitiya, Social Capital Founder and CEO
Chamath Palihapitiya revealed that he sold his Tesla position for capital to invest in other investment ideas.
Social Capital CEO and Founder, Chamath Palihapitiya stated that he sold his stake in the Elon Musk-led electric car company because of the high price. He was able to make cash for his other projects.
“I don’t have an endless pool of capital. Palihapitiya stated Wednesday that the money must come from somewhere when I have ideas.
Palihapitiya told CNBC in January Tesla’s stock was worth around $800 at the time. It was then that Tesla was considered a “distributed business in energy” that could potentially double or triple its value. Tesla closed Wednesday closing at $781.31
Tesla was last year’s biggest winner on the stock market due to high demand for electric cars, and investors preferring growth-oriented companies. In 2020, shares soared by 743%. The stock saw a decrease in performance compared to the wider market, with an annual 10.7% increase.