Cathie Wood-led Ark Invest on Friday sold more shares in Tesla Inc, continuing to book profit in a stock that remains its largest bet.
Ark Invest sold a total of 28,345 shares — estimated to be worth $28.83 million based on Friday’s closing — in the electric vehicle maker.
Tesla shares closed 1.32% higher at $1,017.03 a share on Friday. The Elon Musk-led company’s stock has risen 39.4% so far this year.
Ark Invest sold the shares via the Ark Innovation ETF and the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ) and also holds the stock via the Ark Next Generation Internet ETF(BATS:ARKW) on Friday.
Tesla’s weight in ARKK and ARKW has slipped below the 10% threshold at 8.29% and 9.26%, respectively, as of Friday’s closing. In ARKQ, it still constitutes 10.8% of the portfolio.
The three ETFs held 2 million shares — worth $2.05 billion — in Tesla, ahead of Friday’s trade.
Ark Invest has been booking profit in Tesla since September — selling over $3 billion worth of shares — after years of piling up shares in the electric vehicle company at far lower levels.
Tesla continues to be the money managing firm's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025. Wood favors the automotive industry’s switch to electric vehicles and recently bought into Xpeng Inc. but has said she wouldn't buy the recently listed Rivian Automotive Inc at the current high valuations.
精彩评论