On Tuesday, Cathie Wood led Ark Invest sold more Tesla Inc. shares to book profit. The popular money manager sold around 340k stocks which amounted to $265 million– in the Palo Alto, California-based company.
This sale is Ark Invest’s largest sell this month in the Tesla Inc. Stocks. Tesla stocks closed lower by 1.74% at $777.56 on Tuesday but gained subsequently on Wednesday. Cathie Wood deployed Ark Autonomous Technology & Robotics ETF, the Ark Next Generation Internet ETF, and the Ark Innovation ETF to sell shares in Tesla.
The hedge fund is usually bullish in Tesla, which remains its largest stock holding.
Earlier, Cathie Wood predicted that Tesla might hit $3,000 by the year 2025. Still, not owing to her own words, Cathie Wood’s Ark Invest has continuously done away with the electric vehicle manufacturer’s stocks this month. The total amount of Tesla Inc.’s stocks add up to $594 million worth of shares.
Before the trades on Tuesday, Ark Invest held around 4 million shares in Tesla, roughly estimated to be $3.17 billion. Interestingly, Ark Invest scooped up its shares in UiPath, buying around 857k shares.