Michigan Treasury Dept. Takes Larger Stake in Tesla (TSLA)

August 11, 2016 12:07 PM EDT

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While Tesla (Nasdaq: TSLA) can't sell cars directly in Michigan, Michigan can sure make investments in Tesla.

The Detroit News pointed out on Thursday that the Michigan Department of Treasury bought about $48 million worth of Tesla stock in Q2, according to regulatory filings. The shares will be applied toward state retirement funds.

SEC filings show Michigan Department of Treasury holding 339,623 shares of Tesla as of June 30th, up from 104,821 shares on March 30th.

Total value of the stake was $72 million.

Shares of Tesla are down modestly Thursday.

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