The Japanese corporation Panasonic sold its stake in the American company, Tesla, by the end of the 2020 fiscal year (ended March 31, 2021), Nikkei reported.
According to her, the amount of revenue that the Japanese corporation received from the sale of Tesla shares is unknown, but it may be a substantial part of the 380 billion yen ($ 3.4 billion) that the corporation received over the past fiscal year from the sale of assets in other companies. The main reason for the sale of Tesla shares is the desire of Panasonic to increase its profits and raise funds necessary for investing in other companies.
Panasonic acquired 1.4 million shares of Tesla in 2010 for a total of 2.4 billion yen ($ 21.8 million).
Tesla was founded by entrepreneur Elon Musk in 2003. The company is headquartered in Palo Alto, California. At first, the company specialized exclusively in the production of electric vehicles, but later it also became involved in the creation of solar panels and other energy storage systems.