Timing of Tesla stock sale saved major shareholder Baillie Gifford billions

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Tesla Inc’s (NASDAQ:TSLA) major share price fall this week made last week’s disposal by its largest external investor look very well timed indeed.

The electric vehicle maker’s stock plunged 21% overnight to US$330.21, after investors were surprised as it missed out on joining the S&P 500 in the index’s latest update.

At the end of last week, when the market price ended Thursday at around US$480 apiece, Edinburgh-based Baillie Gifford sold 19mln shares.

At that price it would have netted the Edinburgh-based investment company around US$9.1bn as it trimmed its stake to 4.25%.

Had the sale been made at yesterday’s closing price, this would only have made US$6.27bn, a difference Baillie Gifford of US$2.8bn.

The asset manager said it trimmed its holding in Tesla to avoid breaching UK regulations for funds to avoid holding a position of more than 10% in a single stock, saying it intends to remain significant shareholders for many years and remains “very optimistic about the future of the company”.

The above has been published by Proactive Investors Limited (the « Company ») on its website and is made available subject to the terms and conditions of use of its website (see T&C ).

FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) CEO Bill Tempany tells Proactive the Calgary, Alberta-based group is expanding its relationship with China Express Airlines.

Tempany says he is seeing more airlines shift investment priorities to focus more on technology, and China…

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SOURCE: https://www.w24news.com/news/timing-of-tesla-stock-sale-saved-major-shareholder-baillie-gifford-billions/?remotepost=263624

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