Cathie Wood Slashes Tesla Stake Further As Ark Offloads Nearly $19M Worth Of Stock

As Tesla, Inc. TSLA outperformed the broader market on Thursday, Cathie Wood's Ark Invest used the bounce to sell more shares in the electric vehicle giant.

What Happened: Ark, through its flagship Ark Innovation ETF ARKK and Ark Autonomous Technology & Robotics ETF ARKQ, sold 76,425 shares of Tesla. At Thursday's closing price of $245.34, the sales would have fetched the firm $18.75 million in proceeds.

Ark has been offloading Tesla shares since mid-June and the total number of shares sold since June 12, including Thursday's sale, amounted to 883,816.

Tesla is still the top holding of ARRK with a 10.67% weighting, and the fund holds roughly 3.4 million shares. The stock is also the top holding for ARKQ ( 582,303 shares) with a 12.98% weighting in the fund.

See Also: Everything You Need To Know About Tesla Stock

Why It's Important: The selling streak comes despite Wood continuing to remain bullish on Tesla. Ark has a 2027 price target of $2,000, with much of the value attributable to the yet-to-be-launched robotaxi service.

Tesla stock has come under pressure after the company's second-quarter results as investors worry about further margin contraction and tepid demand. From a pre-earnings closing high of $293.34, the stock has pulled back to $245.34.

ARKK ended Thursday’s session down 0.72% at $42.98, according to Benzinga Pro data.

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