A long-term Elon Musk backer is cashing out of Tesla — and cutting its SpaceX exposure
CNBC · Hugh Leask ·
Scottish Mortgage Investment Trust has cut its SpaceX holding to 11.1% of assets and sold its remaining Tesla stake.
A key early investor has sold the last of its Tesla shares and sharply reduced its SpaceX holding, taking profits from two of its most successful long-term bets.
Scottish Mortgage Investment Trust, a London-listed closed-end fund managed by Baillie Gifford, said Friday that SpaceX represented 11.1% of its total assets as of Wednesday, down from 15% at Sept. 30.
The position helped drive Scottish Mortgage's 31.5% net asset value return in the six months to the end of September. In its half-year results statement, Scottish Mortgage also said it sold its remaining Tesla stake in April, ending an investment that dated back to 2013.