Cathie Wood Cuts Another $32M From Tesla Stake — Initiates Position In This Legacy Automaker Instead

Cathie Wood-led Ark Investment Management on Monday scooped up shares in General Motors Co GM, the money management firm's first-ever buy in a Detroit-based automaker.

The stake purchase also comes a month after Wood said she had an open mind on the legacy automaker.

The 66-year-old Wood, a well-known Tesla Inc TSLA bull, bought 158,187 shares in GM, estimated to be worth $6.05 million as of its last close, via its Ark Autonomous Technology & Robotics ETF ARKQ.

GM shares closed 3.34% lower at $38.26 on Monday and are down 37.5% year-to-date.

Wood last month said she was impressed with GM CEO Mary Barra’s focus on Cruise, the company's self-driving unit, but added that Ark's confidence in Tesla continues to be the “highest” when it comes to autonomous driving.

Just months ago, Wood, who manages assets worth $50 billion, had said that legacy automakers did not have the genes to make it big in the EV universe. 

Wood has also been piling up Chinese EV stocks such as Nio Inc NIO, Xpeng Inc XPEV, and BYD Co BYDDY.  

Interestingly, Ark Invest sold more shares in Tesla on Monday, when they closed 9.07% lower at $787.1.

The St Petersburg, Florida-based firm sold 41,754 shares in Tesla worth $32.8 million on Monday. It held 1.29 million shares, worth $1.11 billion in Tesla, before that.