Cathie Wood Sells $98M Worth Of Tesla Shares Ahead Of Possible Fed-Induced Market Volatility

Cathie Wood-led ARK Investment Management on Monday sold a whopping stake in Tesla Inc TSLA possibly booking some lucrative profits after the stock surged 131.11% since the beginning of 2023.

Funds operated by ARK sold over 393,000 shares of the EV-maker at an estimated valuation of over $98 million based on Monday's closing price. The sale was done via the flagship ARK Innovation ETF ARKK, ARK Autonomous Technology & Robotics ETF ARKQ and the ARK Next Generation Internet ETF ARKW.

Also Read: Everything You Need to Know About Tesla Stock

Wood's funds had been on a buying spree since late last year when Tesla share prices were depressed and were trading as low as $110. Notably, ARK's reduction of Tesla’s stake comes just ahead of the release of the inflation data on Tuesday and Federal Reserve's crucial policy announcement on June 13-14, when the market is expected to witness some volatility.

Tesla has witnessed a spate of good news in recent times. General Motors Co GM recently announced it will integrate the North American Charging Standard (NACS) connector design into its EVs beginning in 2025, which will expand access to charging for GM EV drivers at 12,000 Tesla Superchargers stations.

As far as sales are concerned, Tesla sold 77,695 made-in-China vehicles last month, as per China Passenger Car Association data. The new number marked a 141.6% jump versus the 32,165 deliveries reported in May 2022.

Major Buy: Wood's funds bought over 174,800 shares of Meta Platforms Inc META on Monday at an estimated valuation of over $47 million based on Monday's closing price. Meta shares have surged over 117% since the beginning of the year.

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