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

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.SpaceX windfallScottish Mortgage first invested in SpaceX in December 2018, when Elon Musk's rocket company had a reported valuation of about $31 billion, and committed roughly $200 million through 2021.Stock Chart IconStock chart iconScottish Mortgage Investment Trust.The investment surged in value as SpaceX expanded its launch business and Starlink satellite network. By the time of its blockbuster IPO in June, SpaceX represented roughly a quarter of Scottish Mortgage's portfolio by value.The investment trust has since sold shares as post-IPO lock-up restrict...