Baillie Gifford & Co, one of the leading shareholders of Tesla Inc, has stated it would be willing to invest more money into the electric automaker, the Times reported on Monday.
“If he (Tesla CEO Elon Musk) needs more capital we would be willing to back him,” stated Nick Thomas, a partner at Edinburgh-based Baillie Gifford, according to the Times.
Baillie Gifford is Tesla’s third-largest shareholder with a 7.72 percent stake. Elon Musk tops the list, comprising 20 percent ownership of the electric automaker followed by T.Rowe Price Associates Inc, which owns about 10 percent, as per Refinitiv data.
The backing from Baillie Gifford comes days after Tesla published a net profit of $311.5 million in the third quarter.
A spokesman for Baillie Gifford refused to comment on the report, while Tesla did not immediately replied to a request for comment.