slumped as much as 15% Wednesday to $405.12 after the stock's recent rally forced its largest outside investor to trim its stake. to 4.25% from more than 6.32%, according to a regulatory filing.
The company said that the lowered position is due to internal policies that restrict the weight of a single stock in client portfolios. This year, Tesla has been on an epic record-breaking rally that's sent shares up more than 425%. The firm also said that it remains highly bullish on Tesla. "We intend to remain significant shareholders for many years ahead," portfolio manager James Anderson told Business Insider through a company spokesperson. "We remain very optimistic about the future of the company.
He added that while the Elon Musk-led automaker "no longer faces any difficulty in raising capital at scale from outside sources," Baillie Gifford would "welcome the opportunity to once again increase our shareholding" in Tesla if the stock were to fall.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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Source: BusinessInsider - 🏆 729. / 51 Read more »