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

Zinger Key Points
  • Ark offloaded $8.67 million worth of Tesla shares Friday, taking the total sales for the week to $15.81 million.
  • The firm also sold shares of Shopify and DraftKings, but hoarded more shares of Robinhood Markets.

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%.

Read Next: Ark Invest’s Cathie Wood Is Betting Big On AI With These 4 Stocks — Including One That Could Skyrocket 750%

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