Scottish Mortgage cuts SpaceX stake and exits Tesla after 13 years

Scottish Mortgage Investment Trust has trimmed its stake in SpaceX and fully exited Tesla after 13 years, reducing single-name concentration in the portfolio. The move is part of a broader diversification push and a reallocation toward emerging AI investments. The trust had held Tesla since 2013, and the exit ends one of its longest-running public-equity positions. The SpaceX reduction lowers exposure to a closely held, illiquid asset that had grown into a sizable holding. Investors will watch whether the freed capital flows into AI-related names and how the trust reports portfolio concentration in its next disclosure.