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JPMorgan Chase potentially made $ 1 billion over in Tesla in under two weeks.
The lender’s investment arm boosted its position by 600 percent last quarter to approximately 2.5 million shares.
Those shares have approximately tripled in value to $2.1 billion thanks to Tesla’s stock rally.
JPMorgan sold in the perfect moment and might have netted over $ 2 billion if it bought.
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JPMorgan Chase might have made more than $1 billion in Tesla in less than two weeks. It boosted its position in Elon Musk’s electric-car startup by about 600 percent last quarter, before its stock price doubled this season.
The banking titan’s investment arm included 2.2 million Tesla shares in the final 3 weeks of 2019, finishing the year with over 2.5 million shares or a 1.4% stake, according to SEC filings and Bloomberg figures. Those shares were worth about $1.1 billion then, dependent on Tesla’s stock price of $418 on December 31. They are now worth about $2.1 billion, since Tesla shares now trade at $850. See the rest of the story at Business Insider
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