Cathie Wood Trims Tesla Stake By Another $8.2M Amid Elon Musk's Twitter Takeover

Tesla Inc TSLA bull Cathie Wood-led Ark Investment Management sold some more shares in the Elon Musk-led company on a day the billionaire entrepreneur clinched a $44 billion deal to buy microblogging site Twitter Inc TWTR.

The popular money managing firm sold 8,295 Tesla shares, estimated to be worth $8.28 million, based on Monday's closing price.

Tesla shares closed 0.7% lower at $998.02 on Monday. Shares of the company are down about 16.8% year-to-date.

See Also: Cathie Wood Trims Tesla Stake By $94M And Buys More Shares Of This Chinese EV Stock

St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF ARKK, Ark Autonomous Technology & Robotics ETF ARKQ, and Ark Next Generation Internet ETF ARKW. 

The three ETFs held about 1.29 million shares worth $1.30 billion in Tesla before Monday’s trade.

Ark Invest in the first quarter booked profits in Tesla stock every time it rose. The latest share sale came on the day Musk clinched a deal to buy Twitter and vowed to defeat spambots and make the microblogging site a free speech arena.

See Also: Takeover Secured: Elon Musk, The World's Richest Person, To Buy Twitter For $44B

Earlier this month, Ark Invest assigned a wilder price target of $4,600 on Tesla by 2026, up from a prior $3,000 by 2025.