Connect with us

Hi, what are you looking for?

CleanTechnica
Tesla store
Tesla store

Clean Power

Alaska Invests In Tesla (TSLA) — Owns 126,754 Shares

Alaska’s Department of Revenue has raised its stake in Tesla (TSLA) stock and reduced its investments in three other stocks to make room for that stake, Barrons reports. Those stocks are as follows

Alaska’s Department of Revenue has raised its stake in Tesla (TSLA) stock and reduced its investments in three other stocks to make room for that stake, Barrons reports. Those stocks are as follows:

  • Intel (INTC) — sold 219,744 shares.
  • Gilead Sciences (GILD) — sold 165,058 shares.
  • Qualcomm (QCOM) — sold 53,288 shares.

The agency, which also collects and invests public funds, shared the stock trades in a form recently filed with the Securities and Exchange Commission (SEC). The Department of Revenue managed $8.8 billion of US-traded assets as of December 31, 2020, and bought a total of 124,654 Tesla shares in the fourth quarter. At the moment, those Tesla shares are worth $102,984,149.

This brings its total investment in TSLA to 126,754 shares, or $104,719,085. It’s clear that Alaska’s Department of Revenue didn’t have that much of a stake in TSLA, and it obviously had a change of heart upon seeing Tesla’s consistent success (and S&P 500 inclusion). Still, the department holds shares in a ton of companies and $105 million is a small portion of $8.8 billion.

It’s a great thing to see Alaska take measures by investing in a clean energy company that is a direct competitor to the oil and gas industry — the same industry that one report says turned its back on Alaska. Baystreet shared that Big Oil is trying to revamp itself into “Big Energy” in Europe since the oil industry’s most profitable business is no longer oil.

Here in the US, the oil industry has been putting all of its eggs into the shale basket instead of investing in alternative energy — until now. Last month, a government auction of several drilling leases in Alaska wound up becoming an allegory for the state of the US oil industry — no one showed up. That’s right, no oil companies wanted a piece of the Arctic National Wildlife Refuge pie, and I think that is pretty dang awesome.

The article noted that on auction day, not one major energy company made a bid, and only around half of the tracts on the offer received any bids at all. Also, most of the lots that were sold will most likely never be drilled upon. The Alaska Industrial Development and Export Authority bought 400,000 acres at a minimum bid yet has never drilled a well in its history.

Chris Tomlinson, an analyst with the Houston Chronicle, pointed out that this message from the failed ANWR auction was loud and clear: more oil is no longer wanted or needed. That message is subtly emphasized by Alaska’s new stake in TSLA. Alaska is ready to shed its dependence on oil.

 
 
 
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

Johnna owns less than one share of $TSLA currently and supports Tesla's mission. She also gardens, collects interesting minerals and can be found on TikTok

Comments

You May Also Like

Cars

Peugeot e-208 is the 2022 best seller in France!

Cars

Following what many considered a rough 2022 for Tesla, investors are warming up to the idea of a big 2023 for the automaker, especially...

Agriculture

USDA takes next step in forest stewardship agenda to protect the “lungs” of North America

Cars

Tesla’s stock has remained a polarizing topic, especially as the company’s stock price dropped immensely throughout the last year. Bears and bulls are trying...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.