Toyota sold off its entire holding of Tesla shares, and it is completely divested as of Monday. Prior to selling, Toyota held a 1.43 percent stake in the company.
Tesla’s shares fell as much as 1.3% following the news, but have stabilized to a smaller, 0.6%, drop in midday trading on Monday.
Toyota and Tesla have been close collaborators in the past. Toyota bought a $50 million stake in Tesla in 2010 and produced a car jointly with Tesla in 2011. Recently, the Japanese manufacturer has spun up its own electric car division and hopes to sell its own long-range electric vehicle by 2020.
- Markets Insider