Cathie Wood-led Ark Invest on Friday sold more shares in Tesla Inc TSLA, continuing to book profit in a stock that remains its largest bet.
Ark Invest sold a total of 28,345 shares — estimated to be worth $28.83 million based on Friday’s closing — in the electric vehicle maker.
Tesla shares closed 1.32% higher at $1,017.03 a share on Friday. The Elon Musk-led company’s stock has risen 39.4% so far this year.
Ark Invest sold the shares via the Ark Innovation ETF ARKK and the Ark Autonomous Technology & Robotics ETF ARKQ and also holds the stock via the Ark Next Generation Internet ETF ARKW on Friday.
Tesla’s weight in ARKK and ARKW has slipped below the 10% threshold at 8.29% and 9.26%, respectively, as of Friday’s closing. In ARKQ, it still constitutes 10.8% of the portfolio.
See Also: Cathie Wood Sells Another $41M In Tesla On A Day Stock Crashes 6% — These Are The Other Key Trades
The three ETFs held 2 million shares — worth $2.05 billion — in Tesla, ahead of Friday’s trade.
Ark Invest has been booking profit in Tesla since September — selling over $3 billion worth of shares — after years of piling up shares in the electric vehicle company at far lower levels.
Tesla continues to be the money managing firm's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025. Wood favors the automotive industry’s switch to electric vehicles and recently bought into Xpeng Inc. XPEV but has said she wouldn't buy the recently listed Rivian Automotive Inc RIVN at the current high valuations.
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