Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during an unveiling event for the Tesla Model Y crossover electric vehicle in Hawthorne, California, U.S., on Friday, March 15, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
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Tesla shares have dropped nearly 30% in the last week as a number of factors pressure the stock, including Baillie Gifford, the company's largest outside shareholder, cutting its stake, as well as S&P Dow Jones Indicies deciding not to add Tesla to the S&P 500.
On Tuesday, amid the stock's more than 20% decline, Baillie Gifford's Tom Slater reiterated that the firm believes in the long-term vision of Tesla, noting that the reduction in stake was simply due to portfolio restrictions.
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