9/2, 4:21 PM (Source: TeleTrader)
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Tesla falls over 5% as largest shareholder cuts stake

Shares of Tesla dropped over 5% on Wednesday following news that the company's largest outside shareholder cut its stake in the electric carmaker this week.

The United Kingdom-based Baillie Gifford reduced its position after Tesla's meteoric rise following a five-for-one stock split, according to a filing with the Securities and Exchange Commission.

Tesla was down 5.27% to $450.03 per share at 10:22 am ET.

Breaking the News / JC