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Cathie Wood Sells Another $88M In Tesla Day After Piling Up Stake In Chinese EV Rival

Benzinga2021-12-16

Cathie Wood-led Ark Invest on Wednesday sold 90,455 shares — estimated to be worth $88.3 million — in Tesla Inc, booking profit in the stock as it rose after days of losses.

The stock pared earlier losses to close 1.82% higher at $975.99 a share on Wednesday. The Elon Musk-led company’s shares are up about 34% so far this year and down about 7.5% over the past month.

Ark Invest sold the shares via the Ark Innovation ETF(BATS:ARKK), the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ) and the Ark Next Generation Internet ETF(BATS:ARKW) on Wednesday.

Tesla’s weight in ARKK and ARKW had already slipped below the 10% threshold at 8.14% and 9.35%, respectively, ahead of Wednesday’s trade. In ARKQ, it constituted 10.59% of the portfolio.

The three ETFs held 1.99 million shares — worth $1.91 billion — in Tesla, ahead of Wednesday’s trade.

Ark Invest has been booking profit in Tesla since September — selling over $3 billion worth of shares — after years of piling up shares in the electric vehicle company at far lower levels.

Tesla continues to be the firm's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Wood favors the automotive industry’s switch to electric vehicles and earlier thismonth started buying sharesin the U.S. listed Chinese electric automaker Xpeng Inc.

Here are the other key trades on Wednesday:

  • Bought 104,489 shares — estimated to be worth $21.3 million — in Roku Inc on the dip. The stock closed 7.95% lower at $203.94 a share on Wednesday.
  • Bought 705,660 shares — estimated to be worth $13.7 million — in Robinhood Markets Inc. The stock closed 1.93% higher at $19.50 a share.

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  • Dawang
    ·2021-12-21
    ARK running off liaoz
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    • Rookie22
      Wow keep selling tesla
      2021-12-23
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  • CarmenSun
    ·2021-12-16
    Ok
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  • BenjiC
    ·2021-12-16
    Interesting to see how she positions her funds moving forward!
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  • MHh
    ·2021-12-16
    She sees it as the next EV that would generate returns like how Tesla did!
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    • Dawang
      cash is king
      2021-12-21
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    • MHh
      [Smile]
      2021-12-16
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    • missreenaa
      yay
      2021-12-16
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  • Ermmmmmm
    ·2021-12-16
    Make sense to sell Tesla. Not making any sense to enter China EV 
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    • Maxsoh49
      Hopefully her hindsight is right
      2021-12-16
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    • Tchwee56
      Like please
      2021-12-16
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  • UTOtrader
    ·2021-12-16
    Sell n sell. Sell all lah. Dont wait.
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  • FlRE
    ·2021-12-16
    Like like like
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  • elite
    ·2021-12-16
    Like and comment thanks 
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    • 乌雨花香
      o.k
      2021-12-19
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    • MHh
      Ok
      2021-12-16
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  • Youluyanglu
    ·2021-12-16
    Selling from high to low? How intelligent sheis!
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  • AlphaNoKami
    ·2021-12-16
    Like
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  • Ignacio1004
    ·2021-12-16
    thoughts on ARKK anyone? 
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    • Andarian
      dont end up regretting as i did
      2021-12-16
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  • Cowsburp
    ·2021-12-16
    ratio
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  • rachellll
    ·2021-12-16
    Qqqqqq
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    • rachellll
      Wwwwwwww
      2021-12-16
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  • Goldox
    ·2021-12-16
    Please like. Thanks. 
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  • JLCH
    ·2021-12-16
    yo
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  • JLCH
    ·2021-12-16
    yo
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    • JLCH
      yo
      2021-12-16
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  • Ssimsim
    ·2021-12-16
    Not bad
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  • happydylan
    ·2021-12-16
    Oh
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  • ThaigerB
    ·2021-12-16
    Like pls👍
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  • DCLXVI
    ·2021-12-16
    [What] 
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