One of SolarCity’s largest investors dumped most of the beleaguered solar panel maker’s stocks at the end of the second quarter, company reports show.
The hedge fund Gilder Gagnon Howe & Co. owned 24 percent, or 832,139 shares, of SolarCity at the end of the first quarter of 2016, but that was before they sold off all but 43,840 shares of SolarCity stock at the end of June.
While dumping its SolarCity stock, the hedge fund increased its share of electric car maker Tesla Motors 24 percent to 808,661 shares. Tesla is was founded by Musk, who also serves as the company’s CEO.
Gilder’s decision to ratchet down its SolarCity stock down to nearly nothing comes on the heels of the company’s merger with Tesla Motors, both of which are headed by techno-maestro Elon Musk.All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.