Cathie Wood Sells $138.5M Tesla Shares In Two Straight Sessions

The New York-based Ark Invest led by popular money manager Cathie Wood sold a hefty stake in Tesla Inc TSLA on Thursday, booking profits in two back-to-back trading sessions as the stock recovered from months of dull performance.

The asset manager sold a total of 183,648 shares — estimated to be about $138.5 million — in the Elon Musk-led electric vehicle maker in two straight sessions.

Tesla shares, which have risen about 3% so far this week, closed 0.13% higher at $754.86 a share on Thursday. On a YTD basis, Tesla shares have risen about 3.4%. 

The investment firm sold a total of 142,708 shares in Tesla on Wednesday, followed by another 40,940 shares on Thursday. 

Ark Invest deployed the Ark Autonomous Technology & Robotics ETF ARKQ, the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW to sell Tesla shares over the 2 days.

Wood’s firm holds large bets in Tesla, which it predicts will hit the $3,000 mark at the end of 2025

See Also: Ark Invest Tesla Stock Price Target May Be Outrageous, But Elon Musk Says It Is Worth $3,000 A Share 'If They Execute Really Well'

Each of the three ETFs count Tesla as their largest exposure and held a total of 4.37 million shares — worth $3.3 billion — in the electric vehicle company, ahead of Thursday’s trades. No other Ark ETF owns shares in Tesla. 

Here are some of the other key trades for Ark on Thursday:

  • Snapped up 1.05 million shares in UiPath Inc PATH.
  • Sold 59,376 shares in Trimble Inc TRMB.
  • Bought 59,529 shares in Roku Inc ROKU.
  • Sold 66,402 shares in Iridium Communications Inc IRDM.

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Posted In: NewsSector ETFsBroad U.S. Equity ETFsShort IdeasTrading IdeasETFsARK InvestCathie Woodelectric vehiclesElon MuskEVs
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