Elon Musk, co-founder and chief executive officer of Tesla Motors.
Yuriko Nakao | Bloomberg | Getty Images
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.
A filing with the Securities and Exchange Commission on Wednesday showed that the U.K.-based fund group now owns less than 5% of Tesla, down from 6.32%, according to data from FactSet.
Shares of Tesla were down 7% during early trading on Wednesday.
In a statement, Baillie Gifford reiterated that it remains a long-term believer in Elon Musk’s company, and that the reduction in ownership…