Daimler just sold all its stake in Tesla, about 4% of the electric car maker's shares

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Gianluca Colla

Daimler sold its entire stake in Tesla Motors Inc.

Eric Van Susteren

Digital Producer- Silicon Valley Business Journal

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German automaker Daimler today announced that it would sell all of its stock in Tesla Motors Inc., reaping $780 million in the process.

Daimler bought 10 percent of Tesla's stock in 2009, before the company had released the Tesla Roadster, the predecessor to the Tesla Model S. Sales of that electric sedan has sent Tesla's stock to dizzying heights since.

Tesla stock sold for $17 a share in its 2010 IPO and sits today at $235, after peaking last month at $277. The shares have dipped as many investors grow impatient (or nervous) about Tesla's next moves, including rolling out new models, expanding into new markets and building an enormously expensive battery plant, which is expected in 2017.

"We pursue our strategy for emission-free driving consequently. Electric vehicles are one component of this roadmap. In Tesla we do have a bold partner," stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars.

Tesla stock is down less than a percentage point in after-hours trading.

Eric Van Susteren is the Digital Producer at the Silicon Valley Business Journal.