Cathie Wood Trims $3M From Tesla Stake And Snaps Up More Shares In This Chinese EV Maker

Cathie Wood-led Ark Investment Management on Wednesday trimmed its stake in Tesla Inc TSLA and scooped up more shares in BYD Co BYDDY, the Chinese electric vehicle maker backed by veteran investor Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B). 

The popular investment firm sold 2,978 Tesla shares, estimated to be worth $3.25 million based on Wednesday's closing price.

A Tesla super-bull and a staunch EV supporter, Wood counts the Elon Musk-led company’s stock as its top holding and has estimated it to break past the $3,000 level by 2025. 

The popular investment firm built a significant stake in Tesla until September 2021, a month before shares in the EV maker hit a $1 trillion market valuation on impressive third-quarter numbers and a large order from Hertz Global Holdings Inc HTZ.

Tesla shares closed 0.5% lower at $1,093.9 on Wednesday. The stock rallied 8% higher on Monday after the company said it will seek investor approval to increase its number of shares to enable a stock split in the form of a dividend.

See Also: Cathie Wood Sold Another $57M In Tesla And Raised Stake In This Chinese EV Rival On Tuesday

Ark Invest held 1.51 million shares, worth $1.65 billion, in Tesla, before Wednesday’s trade.

It owns shares in Tesla via three of its actively traded exchange funds— the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW, and the Ark Autonomous Technology & Robotics ETF ARKQ.

Ark also bought 4,979 shares, estimated to be worth $284,151, in BYD. 

BYD's stock closed 3.4% higher at $57.07 on Wednesday and is down 18% year-to-date.

Besides BYD, Wood has been building stakes in other EV firms such as Nio Inc NIO and Xpeng Inc XPEV. 

St. Petersburg, Florida-based Ark Invest held 476,854 shares, worth $26.3 million, in BYD before Wednesday's trade. It owns shares in the company via ARKQ. 

Photos courtesy: Tesla/BYD