Cathie Wood-led Ark Invest on Wednesday shed less than half a percent of its position in Elon Musk-led Tesla Inc as the shares of the electric vehicle company climbed.
Ark Invest sold a total of 8,100 shares, estimated to be worth about $5.76 million, in Tesla based on the stock’s closing price of $710.92 on Wednesday.
Tesla shares have jumped about 4% since Friday when the New York-based Ark Invest sold 63,643 shares,estimated to be worth about $43.7 million in the Palo Alto, California-based company.
Wood’s firm holds large bets in Tesla which it predicts will hit the $3,000 mark at the end of 2025.
Just last week, Wood compared Tesla with Apple IncAAPL 0.28%in an interview with RealVision and had suggested a huge inefficiency in analyst research behind Tesla, as reported by Markets Insider.
Ark Invest on Wednesday deployed the Ark Next Generation Internet ETF to sell shares in Tesla and also holds positions in the Elon Musk company via two other traded funds, namely, the Ark Autonomous Technology & Robotics ETF and the Ark Innovation ETF.
Together the three ETFs held about 4.85 million shares, worth $3.4 billion, in Tesla ahead of Wednesday’s trades.
Some of the other key Ark Invest sells on Wednesday included Square Inc and buys included UiPath Inc.
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