Cathie Wood's Ark Invest Sells Over $25M Worth Of Tesla Shares Amid Boost In Price

On Wednesday, October 4, 2023, Cathie Wood-led Ark Invest made a significant move by selling over $25 million worth of Tesla Inc TSLA shares. This divestment is a notable shift, given Ark's previous bullish stance on the electric car maker, indicating a nuanced approach to portfolio management amidst evolving market dynamics.

The Tesla Trade

Ark sold a total of 97,599 worth of Tesla shares through its flagship ARK Innovation ETF ARKK and through ARK Autonomous Technology & Robotics ETF ARKQ and ARK Next Generation Internet ETF ARKW. The value of the sale was $25.49, based on the closing price of $261.16 on Wednesday. Tesla stock rose by 5.9% over 24 hours in value.

Ark Invest's decision to offload a significant portion of the Elon Musk-ed company’s shares underscores a strategic realignment. The fund's move is particularly striking given Cathie Wood's historical advocacy for Tesla.

The sale could suggest a recalibration of Ark's investment strategy, possibly in response to emerging market trends and opportunities, as detailed in a previous analysis of Tesla's projected $2,000 price target.

See Also: Here's How Much $1,000 Invested In Tesla Stock Will Be Worth If It Hits Cathie Wood's Price Target

Other Key Trades:

• Ark Invest purchased 20,948 shares of Pacific Biosciences of California PACB through ARKK.
• The acquisition of 19,399 shares of CRISPR Therapeutics AG CRSP through ARKK
• A substantial investment was made in Ginkgo Bioworks Holdings Inc DNA through ARKK.
• Sale of 15,262 shares of Nvidia Corporation NVDA through ARK Genomic Revolution ETF ARKG.

Photo courtesy Benzinga YouTube and Unsplash

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