The New York-based Ark Invest led by popular money manager Cathie Wood sold a hefty stake in Tesla Inc (NASDAQ: TSLA) on Thursday, booking profits in two back-to-back trading sessions as the stock recovered from months of dull performance.
Tesla shares, which have risen about 3% so far this week, closed 0.13% higher at $754.86 a share on Thursday. On a YTD basis, Tesla shares have risen about 3.4%. The investment firm sold a total of 142,708 shares in Tesla on Wednesday, followed by another 40,940 shares on Thursday.
Ark Invest deployed the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ), the Ark Innovation ETF (NYSE: ARKK) and the Ark Next Generation Internet ETF (NYSE: ARKW) to sell Tesla shares over the 2 days. Wood’s firm holds large bets in Tesla, which it predicts will hit the $3,000 mark at the end of 2025.
Each of the three ETFs count Tesla as their largest exposure and held a total of 4.37 million shares — worth $3.3 billion — in the electric vehicle company, ahead of Thursday’s trades. No other Ark ETF owns shares in Tesla.