Tesla's 2nd largest investor buys 11.44% stake in rival NIO

Baillie Gifford, the second-largest shareholder of Tesla stock, has bought 11.44% stake in Chinese electric vehicle making startup NIO, as per regulatory filings. The startup disclosed that Baillie Gifford purchased 85.3 million shares, which were valued at about $515 million. While Elon Musk owns nearly 20% of Tesla, UK-based Baillie Gifford owns 7.7% stake in the startup, as per Bloomberg.