Tesla retreats for third day as investors cash in on gains

Tesla Inc shares fell for a third straight day on Thursday, as investors who have been betting on the electric-car maker's growth prospects cashed in on the meteoric rally in the stock price this

Curated via Twitter from Reuters Tech News’s twitter account….

Gifford cut its stake to 4. 25% compared to 7. 67% as of Dec. 31, making it now the fourth largest stakeholder, according to Refinitiv data. “I know Baillie Gifford were a kind of forced seller to stay within the mandates, but (an) evidence of core investor profit-taking as the company start a sell off of $5 billion stock,” the trader said.

Meanwhile, Edinburgh-based Baillie Gifford told Herald Scotland the investment firm remains a “strong supporter” of Tesla, but had to sell its passive stake due to norms that limit the weight of a stock in clients’ portfolios.

Market analysts and traders called it a near-term profit-taking, triggered by the company’s plan to raise $5 billion from the market and the stake sale by the second largest shareholder Baillie Gifford, in a stock that has surged fivefold in 2020.

(Reuters) – Tesla Inc shares fell for a third straight day on Thursday, as investors who have been betting on the electric-car maker’s growth prospects cashed in on the meteoric rally in the stock price this year.

Ever since Tesla surprised Wall Street by delivering on Chief Executive Elon Musk’s promise of a profit in its third quarter in October last year, its shares have risen nearly nine-fold.

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