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Leading fund managers to invest more in Tesla?

by LLB Reporter October 29, 2018

written by LLB Reporter 29^th Oct 18 11:40 am

One of the world’s largest fund managers and second largest shareholder in Tesla, Baillie Gifford & Co, has told media that it is willing to inject more cash into the electric carmaker.

Elon Musk tops the list with about 20 per cent ownership of the electric carmaker followed by T Rowe Price Associates Inc, which owns about 10 per cent. Baillie Gifford has a 7.72 per cent stake in the automaker.

“If he (Tesla CEO Elon Musk) needs more capital we would be willing to back him,” Nick Thomas, a partner at Edinburgh-based Baillie Gifford, told the Times.

The backing from Baillie Gifford comes days after Tesla reported a net profit of $311.5m in the third quarter.