October 25, 2024

ARK Invest Sells Tesla Shares Amid Record Rally, Nets $22 Million Profit for Cathie Wood

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Selling over 85,000 Tesla (NASDAQ:TSLA) on Thursday, CIO and CEO of Ark Invest Cathie Wood cashed in on the stock’s biggest single day jump in over a decade to pocket well over $22 million. After a solid quarterly report, Tesla’s shares shot 21.9%, its biggest day since May 9, 2013.

Long-time Tesla bull and Elon Musk booster Wood used the rally to dump shares through two of ARK’s six actively managed exchange-traded funds. Selling 77,513 shares, the ARK Innovation ETF (ARKK) sold; the ARK Autonomous Technology & Robotics ETF (BATS) sold 7,942 shares. On Thursday, Tesla shares finished at $260.48, giving Wood’s funds a sizable gain. Though Wood consistently supports Tesla, her money hardly sells the stock.

Only three trading days in 2024 have ARK bought Tesla shares; this is ARKQ’s first Tesla sell this year. Wood’s calculated profit-taking illustrates her continuous optimism even though Tesla’s market performance remains as strong as ever. It’s important to note that Tesla stock is up 64% in the past six months alone, beating the S&P 500’s 14.5% gain over the same period.

This article first appeared on GuruFocus.

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