TXG - Cathie Wood's Ark Offloads $6.3M In Tesla Shares Amid EV Maker's Q3 Earnings Disappointment | Benzinga
On Wednesday, Cathie Wood-led Ark Invest made headlines by selling nearly $6.3 million worth of Tesla Inc (NASDAQ:TSLA) shares, a move that comes amid Tesla's rebound ahead of its Q3 results announcement.
The Tesla Trade
Ark Invest sold 25,908 shares of the Elon Musk-led automaker, marking a continuation of the firm’s selling spree of Tesla stock. The sale, made through Ark’s flagship ARK Innovation ETF (NYSE:ARKK), was valued at $6.29 million based on Tesla’s closing price of $242.68 on Wednesday. It should be noted that Tesla continues to make up for ARKK’s top holdings and has a 9.97% weight in the ETF as of the time of publishing.
The sale followed Tesla's Q3 earnings report, where the EV giant reported revenue of $23.35 billion, missing the Street consensus estimate. The company attributed the fluctuations in revenue to growth in vehicle deliveries and other business lines, negatively impacted by a lower average selling price and foreign exchange impact.
Tesla's Q3 ...