JP Morgan Chase increased its stake in Tesla by 9.5% (or 3.43 million shares) in the first quarter, according to a new 13F filing with the SEC.
The asset manager held 39,415,548 shares in the U.S. EV maker by the end of March — a position worth $13.70 billion.
Tesla stock surged 25% over the last five trading sessions. Over the past twelve months, the shares have nearly doubled their value.
The New York-based firm opened a position in the company in the second quarter of 2013, 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 took the firm’s position from 7.71 million to 24.93 million shares.
The latest quarterly filing from JP Morgan Chase also revealed that it held 1,186,347 Rivian shares (up 33.4% from the previous quarter) and 697,911 Lucid shares (a slight 2.2% increase).
The firm nearly exited its position in two Chinese carmakers. JP Morgan Chase closed the first quarter with only 200,000 Nio shares (down from nearly 4 million) and dumped 71.8% of its XPeng holdings to 1.29 million shares.
Geely-backed Zeekr had its initial public offering in May 2024. The asset manager opened a position in the group by the end of the year, with 5,092 shares and has now disclosed that it increased the stake between January and March to 47,134 shares.
The firm trimmed its stake in Polestar by nearly 24.5%, holding nearly 875,000 shares as of March 31.
Institutional Ownership
As of Thursday, Tesla had 4,103 institutional owners, holding over 1.55 billion shares.
According to Nasdaq, Vanguard is the brand’s largest institutional investor with 246,887,705 shares (14.1% of the total), which were valued at $63.98 billion by the end of March.
It is followed by BlackRock which reported 205.67 million Tesla shares by the end of the quarter. The world’s largest asset manager first took a position in the Elon Musk-led company in 2013 and has been increasing its stake for 23 consecutive quarters (since 2019).
JP Morgan was its seventh largest institutional holder at the end of the first quarter. However, not all institutional shareholders have submitted their quarterly filings with the SEC.
Goldman Sachs, which ranks 11th, more than doubled its stake in the brand between January and March, the highest level since it first invested in the electric carmaker in 2013.
This week, Nuveen revealed in its 13F filing that it opened a position in the company with over 12.53 million shares in the first quarter, jumping to its top 30 largest institutional investors.
