On Thursday, shares of Tesla slumped as much as 7% in early trading.
The fall comes just a day after Baillie Gifford, Tesla's largest outside shareholder, said it had to trim its stake amid the stock's record-breaking rally.
Business Insider reports that Tesla fell 6% on Wednesday following the announcement.
Tesla shares have been on an epic rally this year.
They surged more than 430% through Wednesday's close.