JP Morgan Chase filed its quarterly report with the SEC, disclosing that it added 6.6 million shares to its stake in EV maker Tesla in the April-June period.
In the second quarter, the position increased by 16.7% to a new high of 46,015,610 shares, valued at $14.62 billion as of June 30, when Tesla shares closed at $317.66.
Since then, Tesla‘s stock has risen 6.8% to $339.38 as of Wednesday, boosting the value of the stake to $15.68 billion.
This marks the third consecutive quarter that JP Morgan has set a record for the number of shares it holds in the EV maker.
The New York-based firm held 39,415,548 shares in the U.S. EV maker by the end of March — a position worth $13.70 billion.
JP Morgan had opened a position in Tesla in mid-2013, three years after the company’s IPO. By then, it entered the EV maker with 654,831 shares.
The bank’s stake in Tesla has been steadily increasing over the years, with slight trims registered in the second quarter of 2023 and the third quarter of 2024.
It surged more than 200% over the 3-for-1 stock split executed in August 2022 — which led its stake to jump from 7.71 million to 24.93 million shares.
Tesla‘s institutional ownership jumped from 600 million shares to nearly 1.6 billion then.
Since the third quarter of 2022, it remained around that value for about two years, then progressively jumping above 1.7 billion shares, according to Fintel.
As of Thursday, Tesla is owned by 3,989 institutional investors, which hold 1.58 billion shares.
Its largest institutional owner by the end of the quarter was Vanguard Group, with over 251 million shares — which are currently valued at nearly $85.7 billion.
BlackRock manages over $12 trillion assets globally, and held 205 million Tesla shares by the end of the quarter, which are worth $70.2 billion.
State Street Corp, which held 113.7 million shares by the end of March, has not yet filed its quarterly report with the SEC.
Norges Bank has purchased over 37 million Tesla shares during the second quarter, reopening its position in the EV maker. It ranks eighth among the EV maker’s largest institutional shareholders.
Geode Capital Management disclosed last week that it has slightly raised its stake in the company by 2% to 64.7 million shares, while Barclays increased its position with 20,506,163 shares reported in the second quarter.
Contrary to Rivian and Lucid, British-based HSBC trimmed its stake in Tesla by 500,000 shares. It held 7,523,868 shares, valued at $2.39 billion, by the end of the quarter.
