What You Need to Know
- The sales amount to around 3% of ARK’s Tesla stake, and the firm still holds well over $4 billion, making it one of Tesla’s top 20 holders.
Cathie Wood’s exchange-traded funds have sold some of their Tesla Inc. shares in the past two days, taking advantage of the recent rally as the stock climbs for the third week in a row.
The ARK Innovation, ARK Next Generation Internet and ARK Autonomous Technology & Robotics ETFs sold over 180,000 shares on Wednesday and Thursday, according to daily trading updates. At closing prices, that puts the total value at nearly $139 million.
The sales amount to around 3% of ARK’s Tesla stake and the firm still holds well over $4 billion, making it one of Tesla’s top 20 holders. ARK regularly trims winning positions to reinvest the cash in new targets or existing high-conviction names.
Shares of the electric-vehicle maker have climbed over the past three weeks, adding about $75 billion in market value through Thursday’s close as the company’s shipments of China-made cars to the local market rebounded last month, and amid a broader stock market rally in August.