Tesla hits the brakes after mammoth rally

Tesla hits the brakes after mammoth rally

European markets have opened higher this morning as a Euro sell off helped the exportheavy Dax climb 1.5, likewise weaker Sterling has seen the FTSE climb 1 with its high concentration of overseas earning constituents. U.S. bourses are trading either side of flat following yesterdays rally, which saw the SP make another record high while big tech heavyweights like Apple and Tesla pause for breath after their incredible run. It is not a huge surprise, after a sixfold increase this year in the case of Tesla some investors were due to take profits at some point. Teslas fall came after it was reported that its biggest independent shareholder, Edinburghbased investment firm Baillie Gifford, had cut its stake to take profits. Yeartodate, the FT reported that Baillie Gifford has sold just under half of its Tesla stock as the share price has skyrocketed. The firms clients are sitting on Tesla profits conservatively estimated at between 17bn and 20bn. Shares were down as much as 15 yesterday before paring much of those losses to close 5.8 down.

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