America's 'Big Three' passive-investing funds now own more of Tesla than CEO Elon Musk does, report says
Elon Musk now owns less stock in Tesla, the EV maker he founded, than America's"Big Three" passive-investing funds have,The combined holdings of the index fund industry's three giants — BlackRock, Vanguard and State Street — make up a 13.58% stake in Tesla, it found.
Vanguard funds own 6.85% of Tesla, adding up to the second-biggest shareholder, while BlackRock and State Street funds have a 3.6% and 3.13% stake, respectively.Bloomberg Billionaires IndexThe billionaire has been dumping shares in Tesla, largely to fund his $44 billion acquisition of Twitter but also to cover tax bills and service debts.
Still, that gain could be good news for the"Big Three" fund providers, given the vast majority of their holdings in Tesla are likely inThe most popular passive funds have a portfolio of shares that mirrors a stock index — typically a broad benchmark like the S&P 500. The goal is to match the market, not beat it. in the past, saying it's prevented investors from enjoying massive gains in Tesla stock.
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