Tesla's stock price doesn't seem to care too much that Toyota sold everything it owned in the company.
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Tesla is sliding after Toyota sold its entire stake in the company (TSLA, TM)
Tesla stock price reacts to Toyota selling off its shares.
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Toyota sold off its entire holding of Tesla shares, and it is completely divested as of Monday. Prior to selling, Toyota held a 1.43 percent stake in the company.
Tesla's shares fell as much as 1.3% following the news, but have stabilized to a smaller, 0.6%, drop in midday trading on Monday.
Toyota and Tesla have been close collaborators in the past. Toyota bought a $50 million stake in Tesla in 2010 and produced a car jointly with Tesla in 2011. Recently, the Japanese manufacturer has spun up its own electric car division and hopes to sell its own long-range electric vehicle by 2020.
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Toyota shares fell more than Tesla after the announcement. The car-maker is down 2.04%.
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