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Tesla shares accelerate as Chinese group grabs 5% stake

Tuesday, March 28, 2017 6:17
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(Before It's News)

Shares in electric car giant Tesla Inc (NASDAQ: TSLA) accelerated in pre-market trade as it emerged that Chinese investment giant Tencent had taken a 5% stake.

Tesla, which was founded by Elon Musk, was up 2.44% in pre-market deals to stand at $6.58 a pop.

Tencent is a group which has various interests in social media, games and apps, and now..electric cars.

Tencent has spent $1.78bn on the investment – now owning over 8.167mln shares of the firm.

It makes the Chinese group the fifth-largest shareholder in Tesla, behind others, including Musk, who is the group’s biggest shareholder, owning around 21%.

Tesla is about to launch its model 3 sedan and raised about $1.2bn by selling shares and convertible debt earlier this month.

Story by ProactiveInvestors


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