New York State Teachers Retirement System makes big bet on Tesla (TSLA), buying nearly 1M shares

Tesla Model S general assembly

One of the biggest public pensions funds in the United States has disclosed a major investment in one of the hottest stocks of 2020.

On December 31, 2020 The New York State Teachers’ Retirement System (NYSTRS) bought 999,948 Tesla (TSLA) shares. The share price at the time was $705.67, meaning the pension fund spent more than $705 million.

The NYSTRS did not own any shares in Tesla in the third quarter.

Shares of Tesla rose more than 700% in 2020. The increases have continued into 2021, reaching highs of nearly $900, before dropping to levels below $800 after the Q4 2020 earnings call.