Cathie Wood Sells Tesla Before Election; Musk Cabinet Position 'Not What Shareholders Want To See'

Blockhead11-05

Cathie Wood and her Ark Investment Management firm have sold Tesla (TLSA) stock in six consecutive trading sessions during the run-up to Tuesday's presidential election between former President Donald...

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What Shareholders Want To See'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 23:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/news/tesla-stock-cathie-wood-elon-musk-election/><strong>Blockhead</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood and her Ark Investment Management firm have sold Tesla (TLSA) stock in six consecutive trading sessions during the run-up to Tuesday's presidential election between former President Donald...</p>\n\n<a href=\"https://www.investors.com/news/tesla-stock-cathie-wood-elon-musk-election/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ARKW","symbol_name":"ARK Next Generation Internation 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Meanwhile, Tesla Chief Executive Elon Musk has been campaigning for the Republican candidate amid discussions he could be involved in a Trump White House.\nWood has sold Tesla stock every trading day since Oct. 28 when Ark Invest unloaded more than 120,000 shares, according to the company's daily trade disclosure. Over this stretch, Wood has sold 245,153 shares, including selling 9,984 TSLA shares on Monday for $2.42 million, based on the closing price of 242.84.\nAs of Nov. 5, Tesla stock is the top holding in the ARK Innovation ETF (ARKK) with a 13.48% weight. Tesla ranks second in ARK Next Generation Internet (ARKW) with a weight of 8.89%. The EV company is also the top stock in ARK Autonomous Tech (ARKQ) with weight of 13.29%.\n\n\n\n↑\nX\n\n\n\n\nElection 2024: How This Successful Hedge Fund Manager Is Positioned\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nElection 2024: How This Successful Hedge Fund Manager Is Positioned\n\n\n\n\nTesla stock angled up 3.6% to 251.58 during market trade on Tuesday after falling 2.5% to 242.84 on Monday, triggering the 7%-8% automatic sell rule.\nMusk And A Trump Presidency\nAs Wood adjusts her Tesla holdings prior to Tuesday's election, Musk has been campaigning for Trump. Musk elevated Omead Afshar, one of his key confidants, to Tesla vice president, overseeing sales and vehicle manufacturing in North America and Europe, the Wall Street Journal reported on Monday.\nAfshar, who has long worked for Musk, has been viewed internally at Tesla as a Musk proxy.\nTrump in September told the New York Economic Club that, if elected, he would establish a government efficiency commission, to be headed by Musk, Reuters reported.\nHowever, Cantor Fitzgerald Chief Executive Howard Lutnick, Trump's transition team co-chair, last week walked back Musk's potential role by a few steps. Lutnick told CNN that Musk would be \"adjacent\" to the White House.\n\"I think adjacent to it and writing software for the government and then giving the software to the government and helping the government,\" Fitzgerald said.\nFew analysts have broached what a Musk cabinet position would mean for Tesla, as it would bring into question the chief executive's role at the company and complicate his private investments.\n\"Musk getting a cabinet seat in a Trump win would be a complicated decision that would take time away from Tesla and is not what shareholders want to see,\" Wedbush Securities analyst Dan Ives, a longtime Tesla bull, told IBD Tuesday. \"He can have a role, not a cabinet position.\"\nTesla Stock Performance\nTSLA shares tumbled 7.5% to 248.98 last week, dropping below a traditional buy point of 264.86 from a cup-with-handle base, according to MarketSurge charts.\nHowever, Tesla stock is still holding the bulk of the prior week's 22% spike on earnings, but are trading around the low of 242.65 from the Oct. 24 gap-up day.\nTesla China sold 68,280 vehicles in October, including exports, a six-month low, according to China Passenger Car Association data released Monday. Local China sales were sluggish in October.\nIt's possible that some of Tesla's recent action reflects shifting perceptions on the presidential race, with Musk aggressively campaigning for Trump.\n\nTesla Robotaxi Event: Cybercab, Robovan Unveiled; Musk Sees Self-Driving 'Next Year'\n\nTesla stock ranks third in the 35-member IBD Auto Manufacturers industry group. The stock has an 80 Composite Rating out of a best-possible 99. Shares also have an 84 Relative Strength Rating and a 78 EPS Rating.\nPlease follow Kit Norton on X @KitNorton for more coverage.\nYOU MAY ALSO LIKE:\nIs Tesla Stock A Buy Or A Sell?\nGet Full Access To IBD Stock Lists And Ratings\nLearning How To Pick Great Stocks? Read Investor's Corner\nAI Is Fueling A 'Nuclear Renaissance.' Bill Gates And Jeff Bezos Are In The Mix.\nElection Day: When Polls Close And Votes Are Counted In Key States\nElection Shifts In Focus; Tesla, Nvidia Near Key Levels","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Shareholding Changes","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481763822"}