Future FundManaging PartnerGary Blackhas defended the decision to reduce the fund's stake inTesla Inc.(NASDAQ:TSLA), citing a shift in investment strategy and the electric vehicle maker's performance.

What Happened: Black outlined the criteria for Future Fund's sell discipline, in a post written on X on Wednesday, which includes reaching the price target, a change in the investment thesis, excessively high near-term expectations, or a change in strategy or CEO.

Black noted that the fund had trimmed its TSLA position from 12.2% in September 2022 to 3.6% currently, during which time TSLA stock fell 11% while...