TSLA - Cathie Wood's Ark Invest Sells Over $25M Worth Of Tesla Shares Amid Boost In Price | Benzinga
On Wednesday, October 4, 2023, Cathie Wood-led Ark Invest made a significant move by selling over $25 million worth of Tesla Inc (NASDAQ:TSLA) shares. This divestment is a notable shift, given Ark's previous bullish stance on the electric car maker, indicating a nuanced approach to portfolio management amidst evolving market dynamics.
The Tesla Trade
Ark sold a total of 97,599 worth of Tesla shares through its flagship ARK Innovation ETF (NYSE:ARKK) and through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and ARK Next Generation Internet ETF (NYSE:ARKW). The value of the sale was $25.49, based on the closing price of $261.16 on Wednesday. Tesla stock rose by 5.9% over 24 hours in value.
Ark Invest's decision to offload a significant portion of the Elon Musk-ed company’s shares underscores a strategic realignment. The fund's ...