Cathie Wood Sells $98M Worth Of Tesla Shares Ahead Of Possible Fed-Induced Market Volatility

Benzinga2023-06-13

Cathie Wood-led ARK Investment Management on Monday sold a whopping stake in Tesla Inc possibly booking some lucrative profits after the stock surged 131.11% since the beginning of 2023.

Wood's funds had been on a buying spree since late last year when Tesla share prices were depressed and were trading as low as $110. Notably, ARK's reduction of Tesla’s stake comes just ahead of the release of the inflation data on Tuesday and Federal Reserve's crucial policy announcement on June 13-14, when the market is expected to witness some volatility.

Tesla has witnessed a spate of good news in recent times. General Motors Co recently announced it will integrate the North American Charging Standard (NACS) connector design into its EVs beginning in 2025, which will expand access to charging for GM EV drivers at 12,000 Tesla Superchargers stations.

As far as sales are concerned, Tesla sold 77,695 made-in-China vehicles last month, as per China Passenger Car Association data. The new number marked a 141.6% jump versus the 32,165 deliveries reported in May 2022.

Major Buy: Wood's funds bought over 174,800 shares of Meta Platforms Inc on Monday at an estimated valuation of over $47 million based on Monday's closing price. Meta shares have surged over 117% since the beginning of the year.

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Comments

  • AlanChia
    2023-06-13
    AlanChia
    She is cashing in her winning
  • Lord Bagdonoff
    2023-06-13
    Lord Bagdonoff
    Why does it seem like she always sell too early 😂
  • UTOtrader
    2023-06-13
    UTOtrader
    Sell more
  • runningjames
    2023-06-13
    runningjames
    Although sell high for profit but she said... Skyrocket to 2000 per share then why need to sell now ! Senses that tesla rise too fast and high... Time for correction to below 150? [Cry] 
  • Guavaxf30
    2023-06-13
    Guavaxf30
    Makes good sense. You only register profit when you have cashed in.  As for the Fed and interest rates, the Fed is on a very tough place. I think they will raise another .25% rather than pause and raise more later.
    • MagNet: 
      could be the case. to give a good shake up on the market. i doubt an euphoric stock market is what they want to see right now
  • Axekay
    2023-06-13
    Axekay
    Buying low selling high for $Tesla Motors(TSLA)$ People were laughing at how she always buy depressing stocks when everyone was pessimistic, seems like she is the one with the last laugh now.
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