Cathie Wood-led Ark Invest on Friday sold more shares in Tesla Inc (NASDAQ: TSLA), continuing to book profit in a stock that remains its largest bet.
Cathie Wood-led Ark Invest on Friday sold more shares in Tesla Inc (NASDAQ:TSLA), 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 (NYSE:ARKK) 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. (NASDAQ:XPEV) but has said she wouldn't buy the recently listed Rivian Automotive Inc (NASDAQ:RIVN) at the current high valuations.