A Big Chunk of Shares Dumped by a Major Tesla Investor
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As per the latest reports, an investor at Tesla now has a change of mind in terms of the company’s share prices. The reports reveal how the investor has become bearish about the company’s share prices. The name of the firm is Baillie Gifford & Co., which is a fund manager in Scotland.
The firm has reportedly shared a huge chunk of shares it had for Tesla and has liquidated them in the process. The reports reveal that the fund manager has sold 11.1 million shares it had in its possession. The information went public when the particular firm did the filing with the state regulator.
The filing suggests that the firm had dumped 11.1 million shares for the largest electric car manufacturer in the first quarter of 2021. The analytical firms have confirmed that the shares sold by the firm translated to 1.2% of the total shares for Tesla.
Even after the sale of 11.1 million shares, Baillie Gifford is still one of the top shareholders in Tesla. The firm still has 1.7% shares of the company and currently ranks as the 5th highest stakeholder at Tesla.
However, this is not the first time that Baillie Gifford has made the move and sold its shares for Tesla. Prior to the recent sale, the firm had already sold 7.4 million shares for Tesla in the last quarter of 2020. This means that so far, the firm has sold more than half of its stake in Tesla since the last year.
The firm was reluctant to answer any questions that were asked by the media around the sale of the Tesla shares. The firm did not even make any comment as to what has led the firm to proceed with the sale.
It has not even been revealed at what price the firm sold the shares for Tesla. The firm has not even provided the dates when the sales of the shares were executed by the firm. Back on January 26, the share prices of Tesla shot up and experienced an all-time high of $883 per share.
After the all-time high, the share prices of Tesla have slumped and are constantly experiencing a downward trend. According to figures, the share prices of Tesla have dropped by 25% since the 26th of January.
This goes to show that despite the company not making any comments, it has become bearish. Surprisingly, Baillie Gifford is not the only company that has been on a Tesla share-selling spree. Many companies with low stakes in Tesla shares have gone ahead and sold their shares since Tesla’s share prices became bearish.
From the beginning of the year 2020 until today, the share prices of Tesla have experienced a 7% drop.
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