TSLA - Cathie Wood Just Sold Tesla and Shopify -- and Bought This Potentially Explosive Growth Stock
2023-08-20 07:35:00 ET
Ark Invest CEO Cathie Wood continues to trim holdings in Tesla (NASDAQ: TSLA) and Shopify (NYSE: SHOP) from the investment firm's various exchange-traded funds ( ETFs ). Ark Invest sold 1,884 shares of the electric vehicle (EV) stock on Aug. 15 and then sold 182,314 shares of the e-commerce services company's stock the following day.
Strikingly, it seems that funds from the sales are being used to invest in an even more potentially explosive, high-risk growth stock.
On Aug. 16, Wood's company purchased roughly $16 million worth of Archer Aviation (NYSE: ACHR) shares for its Ark Innovation ETF (NYSEMKT: ARKK) . Archer is a maker of flying vehicles, or electric vehicle takeoff and landing (eVTOL) aircraft, and its business is still in a pre-revenue state.
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Cathie Wood Just Sold Tesla and Shopify -- and Bought This Potentially Explosive Growth Stock