Cathie Wood Trimmed $40M From Tesla Stake On Thursday

Cathie Wood Trimmed $40M From Tesla Stake On Thursday

Cathie Wood-led Ark Investment Management on Thursday sold 37,551 shares in Tesla Inc TSLA, estimated to be worth $40.46 million based on Thursday's closing price.

The Elon Musk-led company’s stock closed 1.5% lower at $1,077.6 a share on Thursday and is down about 10.2% year-to-date. 

Wood during the past week resumed profit-booking in Tesla after shares of the electric vehicle maker climbed over $1,000 apiece, helping it rejoin the $1 trillion market valuation club after nearly a month of sluggishness. 

Ark started reducing exposure to Tesla stock in September 2021, after the company delivered impressive third-quarter numbers and later won a large order from Hertz Global Holdings Inc HTZ.

See Also: Cathie Wood Trims $3M From Tesla Stake And Snaps Up More Shares In This Chinese EV Maker

A Tesla super-bull and a staunch EV supporter, Wood counts the company’s stock as its top holding and has estimated it to break past $3,000 by 2025. 

Ark Invest held 1.5 million shares, worth $1.64 billion, in Tesla, before Thursday’s trade.

It owns shares in Tesla via the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW, and the Ark Autonomous Technology & Robotics ETF ARKQ.

Tesla shares rallied 8% higher on Monday after the company said it will seek investor approval to increase its number of shares to enable a stock split in the form of a dividend.

Besides Tesla, Ark Invest has been building up positions in Chinese electric vehicle makers such as Nio Inc NIOXpeng Inc XPEV, and BYD Co BYDDY.

Posted In: ARK Investment ManagementCathie WoodChinese EV StocksElon MuskLong IdeasNewsSector ETFsShort IdeasTrading IdeasETFs