A long-term Elon Musk backer is cashing out of Tesla — and cutting its SpaceX exposure

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A key early investor has sold the last of its Tesla shares and sharply reduced its SpaceX holding, taking profits from two of its most successful long-term bets. Scottish Mortgage Investment Trust , a London-listed closed-end fund managed by Baillie Gifford, said Friday that SpaceX represented 11.1% of its total assets as of Wednesday, down from 15% at Sept. 30. The position helped drive Scottish Mortgage's 31.5% net asset value return in the six months to the end of September. In its half-year results statement, Scottish Mortgage also said it sold its remaining Tesla stake in April, ending an investment that dated back to 2013.