Panasonic has officially sold all of its shares in Tesla.
The Japanese giant offloaded its entire $3.6 billion stake in the name last year, according to a new report from Nikkei.
Panasonic said it would continue supplying Tesla with batteries: "Our relationship with Tesla as a business partner will not change going forward," a Panasonic executive told Nikkei.
Reuters, however, reported on Thursday that the sale was partially for Panasonic to "reduce its reliance" on Tesla.
Panasonic is/was one of Tesla's oldest allies, buying into Tesla back in 2010 after its IPO. It not only continues to be a battery supplier to the company, but was one of Tesla's first major company partnerships and, in turn, public votes of confidence.
It paid $21.15 for 1.4 million shares, valued at just over $30 million in 2010. Those shares were worth about $730 million by March 2020, according to Panasonic's annual securities report.
But now it appears as though Panasonic - likely like many other vendors and clients - is no longer amused with the Tesla saga.
Instead, Panasonic has undertaken new investments, in names like supply chain software company Blue Yonder, with the proceeds.
"The impact of crypto assets may have pushed Tesla's share price above its intrinsic value, making it a good time to sell," Hideki Yasuda, an analyst at Ace Research Institute, commented to Reuters.
With the Chinese Communist Party bemused with Musk and Panasonic jumping ship from its equity investment, we have to ask: is Elon Musk's support drying up, one key player at a time?