Cathie Wood Sells Over $13M Worth Of Tesla Shares, Continues Buying Meta Platforms Stock

On Monday, July 17, 2023, Cathie Wood-led Ark Invest made several notable trades, with the most prominent being the sale of 45,184 shares in Tesla Inc TSLA, valued at approximately $13.12 million as of Monday’s closing price of $290.38. The sale was made through the Ark Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW.

This move comes amidst a series of purchases in Meta Platforms Inc META, with Ark Invest buying 4,184 shares, valued at nearly $1.3 million at the stock’s closing price of $310.62 on Monday. Wood added the shares of the Mark Zuckerberg-led company through the Innovation and Next Generation ETFs respectively.

The Tesla Trade

Ark Invest sold a significant number of the Elon Musk-led company’s shares, continuing a trend despite the EV maker’s stock strength in recent sessions.

This move comes after Tesla reported stellar second-quarter deliveries and analysts expressed confidence in further growth in the second half of the year.

Despite the sale, Ark Invest remains bullish on Tesla's long-term prospects, particularly in the realm of AI. Ark analyst Frank Downing recently predicted that Tesla's AI training capacity will likely grow at a compounded annual growth rate of 273% from 2021 to 2024, potentially enabling Tesla to be the first to roll out a nationwide autonomous taxi platform. Read more about the Tesla trade here.

See Also: Cathie Wood Has New Price Target For Tesla Stock As Ark Models Nearly 1,230% Upside

Other Key Trades:

• The Ark Fintech Innovation ETF ARKF bought 15,702 shares of Twilio Inc TWLO.
• The fund also purchased 4,608 shares of SoFi Technologies Inc SOFI.
• ARKF acquired 25,641 shares of Robinhood Markets Inc HOOD.
• The Fintech Innovation fund sold 76,788 shares of Coinbase Global Inc COIN.

These trades reflect Ark's ongoing strategy of investing in innovative companies, while also adjusting its holdings based on market trends and company performance.

Read Next: Cathie Wood Amasses $25.4M Worth Of Social Media Giant Meta But Dumps This Crypto-Linked Stock