Cathie Wood Sells Another $120M In Tesla On Tuesday And Buys This Social Media Stock

Cathie Wood-led investment management firm Ark Invest sold more shares in Tesla Inc TSLA on Tuesday, taking the total sale value since the beginning of September to an estimated over $1 billion.

The popular money managing firm on Tuesday sold 127,615 shares — estimated to be worth $129.96 million — in Tesla, booking more profit in the electric vehicle maker’s stock as it soared higher to cross the $1 trillion market capitalization.

Including the latest sale, the money managing firm has sold about $1.04 billion worth of shares in Tesla since the start of September when shares of the company had just started climbing after months of sluggish gains.

Tesla shares, which have risen about 39.6% so far this year, closed 0.63% lower at $1,018.43 a share on Tuesday, a day after the company landed its biggest ever order from rental car company Hertz Global Holdings HTZZ.

Ark deployed all three of its active exchange-traded funds to sell shares in Tesla. These include the Ark Next Generation Internet ETF ARKW, the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Innovation ETF ARKK.

The three ETFs held a total of 3.25 million shares — worth $3.33 billion — in the electric vehicle company, ahead of Tuesday’s trade. No other Ark ETF owns shares in the Elon Musk-led company.

Despite the sale, Tesla remains Ark Invest's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Ark began booking profit in the stock in early September when shares of the Musk-led company began an upward march.

See Also: Cathie Wood Sells More Tesla Shares As EV Maker Crosses $1T Valuation, Buys Dip In These 3 Social Media Stocks

Here are a few other key Ark Invest trades from Tuesday:

• Bought 1.04 million shares — estimated to be worth $64.28 million — in Twitter Inc TWTR on the dip. Twitter shares closed 1.11% lower at $61.43 a share on Tuesday.
• Sold 88,083 shares — estimated to be worth $28.14 million — in Coinbase Global Inc COIN on the dip. Shares of the company closed 1.86% lower at $319.49 a share.

Photo: Courtesy of Tesla