Cathie Wood's Ark Trims Tesla Stake 2nd Day In A Row, Sells $117M In Elon Musk Company

Cathie Wood-led Ark Invest on Thursday shed 3.4% of its position in Tesla Inc TSLA, the second straight sell as shares of the Elon Musk-led company stayed steady after climbing in the past week.

Ark Invest sold a total of 163,758 shares, estimated to be worth about $117 million, in Tesla, based on the stock’s closing price of $714.63 on Thursday.

The popular money manager’s latest sale in Tesla is significantly bigger than the one on Wednesday when it shed less than half percent of its total position in the electric vehicle company.

Shares of the Palo Alto, California-based Tesla have risen about 4% since Friday when the New York-based Ark Invest sold 63,643 shares, estimated to be worth about $43.7 million. 

Wood’s firm holds large bets in Tesla, which it predicts will hit the $3,000 mark at the end of 2025.

Wood is a long-time Tesla bull and, a week ago, compared Tesla with Apple Inc AAPL in an interview with investor Raoul Pal’s RealVision, suggesting a huge inefficiency in analyst research behind Tesla.

Ark Invest holds the shares in Tesla via three of its active exchange-traded funds but deployed the Ark Next Generation Internet ETF ARKW and the Ark Innovation ETF ARKK to sell the shares on Thursday. The investment management firm also holds a significant position in Tesla via the Ark Autonomous Technology & Robotics ETF ARKQ.

Together the three ETFs held about 4.84 million shares, worth $3.43 billion, in Tesla ahead of Thursday’s trades. Tesla’s weight in ARKK and ARKQ is over 11% and in ARKW it is under 11%, as of Wednesday’s trades. 

Some of the other key Ark Invest sells on Wednesday included Square Inc SQ and buys included Roku Inc ROKU and UiPath Inc PATH.

See also: How to Invest in Tesla Stock