Tesla’s largest institutional investor T. Rowe Price cut stake in half

John Leyba | The Denver Post | Getty Images

Tesla fans standing in long lines to preorder the new Tesla in March, 2016.

T. Rowe Price cut its stake in Tesla in half during the fourth quarter, according to a government filing.

The international money manager owned 8.98 million Tesla shares by the end of last year, according to a filing at the Securities and Exchange Commission. The new, smaller stake represents 5.2 percent of the electric auto maker’s common shares outstanding at the end of December. The Baltimore-based fund group reported in a prior filing that it owned 17.4 million shares, or a 10.2 percent stake, as of Sept. 30.

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