Cathie Wood's Ark Invest Sells Over $25M Worth Of Tesla Shares Amid Boost In Price

-0.94% Pre

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ARK Genomic Revolution Multi

ARKG

29.58

-0.94%

0.00% Pre

ARK Innovation ETF

ARKK

80.14

80.70

+1.17%

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ARK Industrial Innovation ET

ARKQ

113.71

114.82

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ARK Web x.0 ETF

ARKW

153.92

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CRISPR Therapeutics AG

CRSP

55.97

56.45

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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 move is particularly striking given Cathie Wood's historical advocacy for Tesla.

The sale could suggest a recalibration of Ark's investment strategy, possibly in response to emerging market trends and opportunities, as detailed in a previous analysis of Tesla's projected $2,000 price target.

See Also: Here's How Much $1,000 Invested In Tesla Stock Will Be Worth If It Hits Cathie Wood's Price Target

Other Key Trades:

Ark Invest purchased 20,948 shares of Pacific Biosciences of California (NASDAQ:PACB) through ARKK.
The acquisition of 19,399 shares of CRISPR Therapeutics AG (NASDAQ:CRSP) through ARKK
A substantial investment was made in Ginkgo Bioworks Holdings Inc (NYSE:DNA) through ARKK.
Sale of 15,262 shares of Nvidia Corporation (NASDAQ:NVDA) through ARK Genomic Revolution ETF (BATS:ARKG).

Photo courtesy Benzinga YouTube and Unsplash

Read Next: Exclusive: Cathie Wood Tells Benzinga Why Tesla Should Trade As A Tech Stock

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