Abu Dhabi Sells 7% Stake in Tesla, Makes $113 Million Profit
We reported a few years ago that Abu Dhabi's investment arm had bought 7% of Tesla Motors (part of it from Daimler). After holding on to these 7.3 million shares for a few years and transferring them to Abu Dhabi National Energy (TAQA), which is 3/4 owned by the government, they have decided to sell them, making a profit of $113 million in the process.
According to Automotive News a spokesperson for TAQA said that it had “admiration for Tesla’s vision, technology and products,” but that the carmaker was a “non-core investment," despite the highly-anticipated launch of the 2012 Tesla Model S sedan later this year.
We can wonder if this is truly just a quick profit taking on a non-core position or if the fossil-fuel city-state suddenly feels less bullish about electric cars... We'll probably never know.
Based on today's price, Tesla's stock is up 68% from its IPO in July 2010.