Tesla’s biggest independent shareholder has cut its investment in the electric car maker, generating profits of about $17bn in just eight months after a six-fold surge in the company’s valuation.
Scottish fund manager Baillie Gifford said on Wednesday it had reduced its stake in Elon Musk’s company to less than 5 per cent in August to comply with guidelines limiting the weight of a single stock in clients’ portfolios.
The Edinburgh-based group, with £262bn in assets under management and more than 200 of its clients owning positions in Tesla, now holds $19.7bn of the company’s stock, or 4.25 per cent.
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