Scottish fund manager Baillie Gifford & Co. sold 11.1 million shares of Tesla during the first quarter, the firm disclosed in a filing Thursday. That sell off reduced the fund’s holdings by 40% since December 31. The shares sold constitute 1.2% of Telsa’s total shares outstanding.
Baillie Gifford still owns 1.7% of Tesla’s shares, and among institutional investors, still has the fifth largest stake in Tesla. But this move marks the second straight quarter in which Baillie pulled back on its Tesla holdings. The firm sold 7.4 million shares in the last three months of 2020, meaning that its has sold more than half of its stake in Tesla since the end of September.
Baillie Gifford did not respond to a request for comment about its decision to sell Tesla stocks.
The price at which the shares were sold was not disclosed, nor was the date. Tesla hit a record high close of $883 per share on January 26. Since then the company’s stock has dropped just over 25%, putting it into bear market territory. Baillie has not been alone in selling shares.
Year to date Tesla (TSLA) shares are down more than 7%.