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Saudi Arabia hedges on Tesla - FT
Jan. 28, 2019 12:10 PM ET|By: Clark Schultz, SA News Editor
Saudi Arabia's Public Investment Fund has drastically cut its exposure to Tesla (TSLA -1.6%) by hedging nearly all of its 4.9% stake, sources tell Financial Times.
State-owned PIF fired off the hedges after the market closed on January 17 with the help of JPMorgan. Shares of Tesla have dropped about 16% since the strategy was enacted.
For the Saudis, that's about $2.5B or about 50 million barrels (@ $50 per). But when you produce about 10M barrels per day, that's like
chump change to the Saudis. As most investors with TSLA in their portfolios aren't as "productive" as the Saudis, they might consider some
form of a hedge too, e.g. selling TSLA CALLs, given what might be reported next week by InsideEVs as the first month of 2019 ends.
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