Cathie Wood Sells $8.8M More Of Tesla Stock On The Dip Amid Elon Musk's Twitter Deal Funding Concerns

Cathie Wood Sells $8.8M More Of Tesla Stock On The Dip Amid Elon Musk's Twitter Deal Funding Concerns

Cathie Wood-led Ark Investment Management on Thursday sold more shares in Tesla Inc TSLA, which continued to fall amid investor concerns over how CEO Elon Musk would fund the $44 billion takeover of Twitter Inc TWTR.

The popular money managing firm sold 10,035 shares, estimated to be worth $8.8 million, in the Musk-led company on Thursday.

Tesla shares, which have plunged 20% in the past month, closed 0.45% lower at $877.5 on Thursday. Shares of the company are down about 27% year-to-date.

St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF ARKKArk Autonomous Technology & Robotics ETF ARKQ, and Ark Next Generation Internet ETF ARKW

The three ETFs held 1.31 million shares worth $1.15 billion in Tesla before Thursday’s trade.

See Also: Cathie Wood Sits Out Tuesday's Dip In Tesla As Stock Loses $126B In Value Amid Musk's Twitter Deal

Tesla shares were targeted by speculators earlier this week after Musk declined to disclose the source of funding for his Twitter purchase. The EV maker is not involved in the deal.

Ark has been booking profit in Tesla every time it rises higher, around the $1,000 level or beyond. 

Wood bought Tesla shares in January, breaking Ark's months-long profit-booking spree when shares had plunged 11% on a single trading day. 

Earlier this month Ark Invest assigned a wilder price target of $4,600 on Tesla by 2026, up from a prior estimate of $3,000 by 2025.

Posted In: ARK Investment ManagementCathie Woodelectric vehiclesElon MuskEVsNewsSector ETFsBroad U.S. Equity ETFsShort IdeasTrading IdeasETFs