Tesla's stock price doesn't seem to care too much that Toyota sold everything it owned in the company.
ADVERTISEMENT
Tesla is sliding after Toyota sold its entire stake in the company (TSLA, TM)
Tesla stock price reacts to Toyota selling off its shares.
ADVERTISEMENT
Recommended articles
Toyota sold off its entire holding of Tesla shares, and it is completely divested as of Monday. Prior to selling, Toyota held a 1.43 percent stake in the company.
Tesla's shares fell as much as 1.3% following the news, but have stabilized to a smaller, 0.6%, drop in midday trading on Monday.
Toyota and Tesla have been close collaborators in the past. Toyota bought a $50 million stake in Tesla in 2010 and produced a car jointly with Tesla in 2011. Recently, the Japanese manufacturer has spun up its own electric car division and hopes to sell its own long-range electric vehicle by 2020.
ADVERTISEMENT
Toyota shares fell more than Tesla after the announcement. The car-maker is down 2.04%.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
A look into the diverse tax reforms being implemented across Africa
Dubai firm to lend South Sudan $12.9 billion in exchange for 20 years oil repayment
China dethrones USA as the most influential global power in Africa: Report
Major African economies expecting inflation ease into next year, except Nigeria
10 African countries with the lowest price changes in household commodities
Dangote refinery outranks Europe's 10 largest refining facilities
Africa may just have the lowest level of cyber threats compared to other regions
A look into Kenya’s Shs1.1 billion climate funding from the UK
