Tesla shares fell 10% today as Baillie Gifford, Tesla’s largest outside shareholder, reduced its position in the electric automaker after the company’s rapid share appreciation made it an outsized influence on the firm’s holdings. Baillie Gifford reported a 4.25% stake in a 13G filing, trimming ownership from a 7.67% stake in a filing in February. Tesla fell as much as 15% to $405.12. Baillie Gifford intends to remain significant holder “for many years,” could increase holding in the event of “serious price setbacks”.