Tesla stock takes a hit after large shareholder reduced its stake

Tesla (TSLA.US) shares are trading significantly lower today as its largest outside shareholder Baillie Gifford trimmed its position in the company to less than 5% from 6.3%. Scotland-based Baillie Gifford & Co., said its reduced its Tesla stake given guidelines that restrict the percentage of the portfolio that can be in a single stock, following the run up in prices, however maintained its bullish view on the company's future performance. "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.

Tesla’s stock rose 12% after 5-for-1 stock split went into effect on Monday, while on Tuesday company announced its plans to raise up to $5 billion through a new stock offering.

Tesla (TSLA.US) shares fell more than 10% during today's session. Should downbeat moods prevail, support at $360.64 may come into play. Source: xStation5

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