ARKG - Cathie Wood-Led Ark Invest Sells Over $6.5M Worth Of Tesla Stock What's Going On? | Benzinga
On Tuesday, Cathie Wood-led Ark Invest made a significant move by selling over $6.5 million worth of Tesla Inc (NASDAQ:TSLA) shares. This sale comes amid Tesla’s rebound ahead of its Q3 results announcement, marking a continuation of Ark's selling spree of the EV maker's stock.
The Tesla Trade
Through its flagship Ark Innovation ETF (NYSE:ARKK), Ark sold 26,248 shares of the Elon Musk-led automaker. The transaction was valued at $6.7 million, based on Tesla’s closing price of $254.92 on Tuesday.
A day earlier, Ark Invest, through the Innovation ETF sold 7,759 Tesla shares valued at approximately $1.97 million. Investors have been wary due to Tesla's successive price cuts and their potential impact on margins. Ark has been a seller of Tesla since mid-June, even as they remain bullish about its prospects.