Tesla shares fall as largest outside shareholder cuts holding, citing portfolio restrictions.
Baillie Gifford, Tesla's largest outside shareholder, has reduced its position in the electric auto maker after the company's rapid share appreciation made it an outsized influence on the firm's holdings.
"We intend to remain significant shareholders for many years ahead. We remain very optimistic about the future of the company," Baillie Gifford's James Anderson said.Elon Musk, co-founder and chief executive officer of Tesla Motors.largest outside shareholder, has reduced its position in the electric auto maker after the company's rapid share appreciation made it an outsized influence on the firm's holdings.
"The substantial increase in Tesla's share price means that we needed to reduce our holding in order to reflect concentration guidelines which restrict the weight of a single stock in clients' portfolios," Baillie Gifford's James Anderson said in a statement.
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