Cathie Wood Sells $7M Tesla Stock Friday Amid Pullback, Bets Big On This Crypto-Linked Stock

Cathie Wood's Ark Invest offloaded more Tesla Inc. TSLA shares on Friday even as it amassed this crypto-linked stock for a second straight day.

Tesla Selling Spree: Ark, through its Ark Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW, sold 27,841 shares of Tesla. The sale would have fetched the fund $7.14 million, based on the $256.60 at which the stock closed on Friday.

On Tuesday, Ark offloaded $8.67 million worth of Tesla, as it took some profit off the table following the stock's run-up.

For the week, Ark's cumulative sale of Tesla was at $15.81 million.

Tesla has been volatile in recent sessions after a strong rally led it to an intraday high of $276.99 on Wednesday. The stock has come off this high since then. The downside was in part due to back-to-back downgrades the stock suffered this week.

See Also: Everything You Need To Know About Tesla Stock

Ark's major disposals Friday included:

• Canadian e-commerce retailer Shopify Inc. SHOP: 78,676 shares valued at $5.02 million
• Sports betting company DraftKings Inc. DKNG: 122,556 shares valued at $3.07 million.
• Cancer-focused biotech Surface Oncology Inc. SURF: 499,030 shares valued at $414,195

Major Buys: Ark bought more shares of Robinhood Markets Inc. HOOD Friday. Through ARKK, ARKW and ARK Fintech Innovation ETF ARKF, Ark bought 1.07 million shares valued at $10.18 million.

Friday's trade marked the second straight day of Robinhood buying, taking the week's total purchase to $15,39 million.

Price Action: Tesla closed Friday's session down 3.03%, at $256.60, according to Benzinga Pro data. ARKK ended the week at $42.14, down 1.24%.

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