|From: singhtelecom (Rep: 959)||Date: 10/10/2018 09:14|
|Forum: NIO Inc. - Msg #67||Thread #674040464 (Rec: 0) |
|NIO jumps after big Tesla investor discloses 11% stake Shares of NIO Inc. (NIO) rose in Tuesday's trading after Baillie Gifford & Co., which is the largest investor in Tesla (TSLA) after Elon Musk, disclosed earlier that it has taken an 11.4% stake in the Chinese electric vehicle maker. STAKE IN ELECTRIC VEHICLE COMPANY: In a regulatory filing before the open, Baillie Gifford & Co. disclosed that it owns 85.3M NIO Inc. shares. The holding was worth about $515M as of the close of trading Monday and represents a 11.4% stake in the Chinese electric vehicle company. Baillie Gifford & Co. is the second largest investor in Tesla, behind Elon Musk. Tesla's CEO owns 20% of the company, while Baillie Gifford has a 7.7% stake, according to Bloomberg. The latter is not the only major investor that both Tesla and NIO Inc. share. Tencent (TCEHY) also holds 4.9% percent of Tesla and all of a special class of NIO Inc. stock that gives the Chinese tech giant about 22% voting power of issued shares, Bloomberg noted. PRICE ACTION: Shares of NIO Inc., which came public on September 12, jumped about 22% to $7.38 heading into the close of trading on Tuesday.|
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