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Cathie Wood's Ark Invest Keeps On Cutting Tesla Holdings, Sells More Than $8M Worth Of EV Maker's Shares

Benzinga ·  Oct 11, 2023 04:42

On Tuesday, Cathie Wood-led Ark Invest made a notable move by selling over $8 million worth of $Tesla (TSLA.US)$ shares. This significant trade comes amidst a series of Tesla disposals by Ark, marking the third consecutive session of selling the electric vehicle giant's stock.

The Tesla Trade

Ark Invest sold 31,418 shares of the Elon Musk-led company through its flagship $ARK Innovation ETF (ARKK.US)$. The transaction was valued at $8.28 million — based on Tesla stock's closing price of $263.62 on Tuesday.

The sale is particularly notable given Ark's consistent acquisition of Tesla shares in the preceding weeks. It should be noted that the EV maker's recent bullish run has pulled Ark's ETFs higher.  Interestingly, Wood's $2,000 Tesla price target is still in play.

Other Key Trades:

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