Tesla, Inc., a well-known venture capitalist in Silicon ValleyChamath Palihapitiya, the bullion, revealed on Wednesday that he had emptied his position when Tesla, Inc. 's share price was high to get money to invest in other ideas.

Mr Parihapitiya said he had pulled out of his bet on the electric car company led by Mr Musk "in the past year or so" and used high share prices to cash in to fund his other ideas.

"I don't have an unlimited pool of funds," he said. So when I have these ideas, I have to raise money from somewhere. "

When Tesla, Inc. 's share price was around $800 in January, Mr Parihapitiya said the company was a "distributed energy company" and its share price could double or even triple. Tesla, Inc. closed Wednesday at $781.31.

Tesla, Inc. was one of the biggest winners in the stock market last year, thanks to strong demand for electric cars and investor preference for growth companies. The company's share price soared by 743% in 2020. So far this year, the stock has underperformed the market, up 10.7%.

Mr Parihapitiya said on Wednesday that he was still bullish on Tesla, Inc., but that his view of the company had changed a little. He admitted that he had "completely underestimated" the size of the electric car market.

"when you see it now, the market has turned," he said. Tesla, Inc., as a first-class electric car company, will be very busy. "