T. Rowe Price, formerly Tesla's largest institutional shareholder, cut its stake in half in the fourth quarter, a regulatory filing showed on Monday.
According to Business Insider, the filing showed that T. Rowe had reduced its stake to 5.2% as of the end of December.
Prior to the divestiture, T. Rowe was Tesla's second-largest overall shareholder, trailing only CEO Elon Musk.
The move makes Scottish investing giant Baillie Gifford Tesla's biggest institutional stakeholder.
Tesla investors didn't seem particularly perturbed by the development.
The company's stock climbed 3.59% on Monday, trading near $316.77 per share.