Cathie Wood Continues To Trim Its Tesla Holdings Amid Stock Rally — Ark Invest Sells $20.56M Worth Of Shares

On Tuesday, Cathie Wood-led Ark Invest continued its trend of selling shares of Tesla Inc TSLA. This move comes in the wake of the electric vehicle giant’s recent 9% rally and amidst discussions about the company’s potential in autonomous driving technology.

The Tesla Trade: The Tuesday sale was made through Ark Innovation ETF ARKK and amounted to nearly $20.56 million, based on Tesla’s Tuesday closing price of $266.50. Wood’s Ark sold a total of 77,170 shares through the ETF.

Last week, Ark Invest’s flagship exchange-traded fund, the Innovation ETF offloaded a significant 51,155 Tesla shares. This sale would have garnered the firm a whopping $13.88 billion, considering Tesla’s closing price of $271.30 on that day.

Recently, the stock has recently experienced a rebound, with factors such as Morgan Stanley analyst Adam Jonas‘ upgrade of the stock playing a pivotal role. Cathie Wood has previously mentioned that the fund’s decision to sell Tesla shares isn’t a reflection of the company’s fundamentals but a strategic move to raise capital for other promising investments.

Ark projects a stock price surge for Tesla, reaching $2,000 by 2027, largely driven by the anticipated launch of its robotaxi service.

See Also: Elon Musk Takes Israel’s Prime Minister Netanyahu & Wife For A Spin In The Cybertruck Ahead Of Launch

Other Key Trades:

• Teladoc Inc TDOC: Ark Invest purchased a substantial 75,364 shares through ARK Genomic Revolution ETF ARKG.
• Roblox Corp RBLX: Ark acquired a notable 135,285 shares through ARKK.
• DraftKings Inc DKNG: Ark sold a significant 153,787 shares through ARKK.
• Ginkgo Bioworks Holdings Inc DNA: Ark bought a massive 777,468 shares through ARKK.

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