Cathie Wood's Ark Offloads Tesla Shares Worth $8.4M While Staying Bullish On Elon Musk's EV Company

On Wednesday, Cathie Wood-led Ark Invest continued its trend of offloading shares of Tesla Inc TSLA, marking the second consecutive day of significant sales.

This move follows Tesla’s recent rally and ongoing discussions about the company’s potential in autonomous driving technology.

The Tesla Trade: On Wednesday, Ark Invest offloaded $8.42 million worth of Tesla shares — the value is based on Tesla’s closing price of $262.59. The sale was made through the flagship Ark Innovation ETF ARKK.

Yesterday’s sale was executed through the Innovation ETF as well and amounted to nearly $20.56 million This followed last week’s significant sale through ARKK, which offloaded 51,155 Tesla shares. Despite these sales, Ark remains optimistic about Tesla’s future, projecting a stock price surge to $2,000 by 2027, largely driven by the anticipated launch of its robotaxi service. More details on the trade can be found here.

See Also: Goldman Sachs Expects Continued Price Cuts From Tesla, Lowers Earnings Estimates Amid Margin Concerns

Other Key Trades:

• Roblox Corp RBLX: Ark Invest purchased 526,046 shares through multiple ETFs.
• Teladoc Inc TDOC: Ark Invest bought a total of 351,042 shares across multiple ETFs.
• DraftKings Inc DKNG: Ark Invest sold a total of 393,226 shares across multiple ETFs.
• Ginkgo Bioworks Holdings Inc DNA: Ark Invest acquired a massive 2,170,433 shares through multiple ETFs.

Read Next: GM Once Ignored Tesla At Its Peril, Says Nikola CEO: How Auto Industry’s Dismissal Gave The Elon Musk Company A Decade’s Head Start