Tesla investor Baillie Gifford ready to back Elon Musk

Tesla CEO Elon
Musk.
James Glover /
Reuters

• A partner at Scottish investment firm Baillie Gifford,
  one of Tesla’s biggest shareholders,
  told The Times of London that it would be willing to
  back Elon Musk with more cash if needed.
• Nick Thomas said Musk is an entrepreneur of “vision and
  ambition” and that “only time will tell” if him stepping down
  as chairman but remaining as CEO will be successful.
• Another Baillie Gifford partner, James Anderson, told
  The Wall Street Journal in June that he was “divided” on
  whether Musk should remain at the helm of Tesla.

One of Tesla’s biggest shareholders has signalled his confidence
in Elon Musk, saying it will supply the mercurial CEO with extra
cash if needed.

Nick Thomas, a fund manager and partner at Scottish firm Baillie
Gifford told The Times of London: “If he
[Musk] needs more capital we would be willing to back him.” He
also called Musk an entrepreneur of “vision and ambition, who’s
working towards a social good.”

Baillie Gifford is Tesla’s third-biggest shareholder, owning
almost 8% of shares, according to Bloomberg. Thomas’ comments
contrast somewhat with remarks made by another partner in June.

James Anderson voiced doubts about Musk’s leadership.
“Organization and execution is where he doesn’t seem as good as
other great leaders,” he told
the Wall Street Journal.

He also told the Journal that he felt “divided” over whether Musk
should continue to lead the company. “We are supportive for the
moment but it’s not necessarily permanent,” he said.

A spokesman for Baillie Gifford told Business Insider that there
has been no shift in tone from the company, and that Thomas’s
comments were “more just a repeat of what Baillie Gifford has
said consistently about supporting its companies as long-term
investors.”

As part of the settlement Musk reached with the SEC over his
infamous “funding secured” tweet about taking Tesla private, he
must step down as chairman of Tesla but remain CEO. Thomas told
the Times that “only time will tell” if separating the roles will
turn out well for the company.

Last week
Tesla reported a surprise Q3 profit in what the company
dubbed “a truly historic quarter for Tesla.”

Get the latest Tesla stock price here.