November 20, 2024

As Tesla Rides Trump Rally, Cathie Wood Sells $15.4M Worth Of Stock

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On Tuesday, Cathie Wood-led Ark Invest made a notable move by offloading a significant number of shares in Tesla Inc TSLA. This decision comes amidst a surge in Tesla’s stock, fueled by reports of the incoming administration’s plans to ease restrictions on self-driving vehicles.

The TSLA Trade

Ark Invest’s decision to sell Tesla shares coincides with a period of significant growth for the electric vehicle giant. The company’s stock has been on an upward trajectory, largely due to reports suggesting that President-elect Donald Trump’s administration intends to prioritize a federal framework for autonomous vehicles. Such a move could potentially simplify the operation of self-driving cars, providing a significant boost to companies like Tesla.

According to data provided, Ark Invest sold 44,520 shares of Tesla on Tuesday. Given the closing price of $346 per share, the total value of the trade amounts to approximately $15.4 million. The trade was made through the ARK Innovation ETF ARKK.

Meanwhile, CNBC host Jim Cramer supports owning Tesla stock but dismisses reports of Trump easing self-driving regulations as a “bad reason” to buy. He highlights Tesla’s strength as a tech company with high valuation potential beyond regulatory changes.

Other Key Trades:

See Also: Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: ‘This Bull Market Has Just Begun To

Ark purchased Intellia Therapeutics Inc. (NTLA) and Tempus AI Inc. (TEM) stock on Tuesday.
The firm sold stock of Rocket Lab USA Inc. (RKLB) and of Markforged Holding Corp. (MKFG).
Ark also sold Senti Biosciences Inc (SNTI) and Nurix Therapeutics Inc (NRIX) stock.

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