Panasonic sold its entire stake in Tesla last financial year: Nikkei

Topics Panasonic | Tesla Inc | Stake sale

TOKYO (Reuters) - Japan's Panasonic Corp sold all of its stake in Tesla Inc last fiscal year which helped it earn billions of dollars in proceeds to fund new investments, the Nikkei business daily reported on Friday. Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010, for about 2.4 billion yen ($21.

65 million). The stock is now worth $679.82 apiece. The windfall likely accounts for much of the 429.9 billion yen in "proceeds from sale and redemption of investments" in Panasonic's cash flow statement.

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