Cathie Wood Sells Another $88M In Tesla Day After Piling Up Stake In Chinese EV Rival

Cathie Wood-led Ark Invest on Wednesday sold 90,455 shares — estimated to be worth $88.3 million — in Tesla Inc TSLA, booking profit in the stock as it rose after days of losses.

The stock pared earlier losses to close 1.82% higher at $975.99 a share on Wednesday. The Elon Musk-led company’s shares are up about 34% so far this year and down about 7.5% over the past month.

Ark Invest sold the shares via the Ark Innovation ETF ARKK, the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Next Generation Internet ETF ARKW on Wednesday.

Tesla’s weight in ARKK and ARKW had already slipped below the 10% threshold at 8.14% and 9.35%, respectively, ahead of Wednesday’s trade. In ARKQ, it constituted 10.59% of the portfolio.

The three ETFs held 1.99 million shares — worth $1.91 billion — in Tesla, ahead of Wednesday’s trade. 

See Also: Cathie Wood Loads Up Another $4.3M In This Chinese Tesla Rival

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 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 earlier this month started buying shares in the U.S. listed Chinese electric automaker Xpeng Inc XPEV. 

Here are the other key trades on Wednesday:

• Bought 104,489 shares — estimated to be worth $21.3 million — in Roku Inc ROKU on the dip. The stock closed 7.95% lower at $203.94 a share on Wednesday.
• Bought 705,660 shares — estimated to be worth $13.7 million — in Robinhood Markets Inc HOOD. The stock closed 1.93% higher at $19.50 a share.