On Monday, Cathie Wood-led Ark Invest made a series of trades, with Tesla Inc. TSLA being the most prominent. This comes amidst reports of President-elect Donald Trump’s plans to ease restrictions for self-driving vehicles and Tesla’s shares racing higher.
The TSLA Trade
Ark Invest’s trade involving Tesla shares comes at a time when the company’s stock is experiencing a significant surge. This surge is linked to reports that the incoming administration plans to prioritize a federal framework for autonomous vehicles, potentially making it easier to operate self-driving cars.
On Monday, Ark sold 30,939 Tesla shares worth $10.05 million from its flagship ARK Innovation ETF ARKK fund. Tesla shares ended the day higher by 5.6% at $338.74.
Ark has been on a Tesla share-selling spree of late. After the Elon Musk-led company released its third-quarter numbers in late October, the Wood-led firm sold $22.2 million worth of the stock.
Wood has highlighted Tesla’s trillion-dollar revenue potential in autonomous vehicles. On the topic she said, “The company that gets people from point A to point B the fastest, safest, and with the least wait time is going to dominate the market.”
Other Key Trades:
- Ark purchased shares of Blade Air Mobility (BLDE) and sold shares of Rocket Lab USA Inc (RKLB).
- The firm sold shares of Unity Software Inc (U) and purchased shares of Crispr Therapeutics AG (CRSP).
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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