According to recently released regulatory findings, the Mormon Church’s GameStop investment racked up a 900% gain last quarter. Ensign bought 46,000 shares of GameStop in the fourth quarter of 2020 when shares were trading between $10 and $20. That stake grew from being worth just under $900,000 to $8.7 million in the first three months of 2021 as the price surged to $190. When it was all said and done, GameStop moved up from bring Ensign’s 1,452nd most valuable holding to 455 on the list. Ensign also got in on the Tesla craze. Over the last year, Ensign increased its stake in Tesla by 3,500% to 467,000 shares. In the last quarter, it increased its stake by another 39% to 650,000 shares. Ensign’s Tesla stake is its 15th biggest holding – worth $433 million as of the end of March. Ensign, as an arm of the Mormon Church, is technically a nonprofit. Nonprofit organizations are exempted in the U.S. from paying taxes on their income. Religious groups are considered nonprofits. However, the exemption is not without requirements and the LDS must operate exclusively for religious, educational, or other charitable purposes.
