TSLA - Cathie Wood's Ark Invest Bolsters Portfolio With Tesla Meta Platforms Shares — Dumps Coinbase Nvidia Amid Surge In Stock Price | Benzinga
In a strategic maneuver on Wednesday, Cathie Wood-led Ark Invest made notable adjustments to its portfolio, demonstrating a keen insight into the evolving market landscape. The firm’s decision to increase its holdings in Tesla Inc (NASDAQ:TSLA) and META Platforms Inc (NASDAQ:META), while reducing its stake in Coinbase Global Inc (NASDAQ:COIN) and NVIDIA Corp (NASDAQ:NVDA), signals a calculated response to recent developments and future growth prospects.
The Tesla Trade
Ark Invest’s acquisition of 145,455 Tesla shares, valued at $27.45 million, underscores Cathie Wood’s confidence in the electric vehicle giant amidst market fluctuations. The transactions were made through ARK Innovation ETF (NYSE:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), and ARK Next Generation Internet ETF (NYSE:ARKW). On Wednesday, Tesla shares closed 2.55% higher at $188.71.
This move aligns with Wood’s optimistic view on Tesla’s growth trajectory, further emphasized by the firm’s continued investment despite Tesla’s fourth-quarter earnings miss and the surrounding discussions on Tesla’s recovery and Elon Musk’s compensation controversy.
The Coinbase Trade
Coinbase shares worth $34.33 million were purchased by Ark on Wednesday. The 214,068 shares were purchased through ARKK, ARKF, and ARKW. On the day, Coinbase shares rallied 14.2% at $160.38.
Earlier last month, Ark Invest halted selling Coinbase ...