Cathie Wood's Ark Continues Profit-Booking In Tesla

Cathie Wood-led investment management firm Ark Invest on Thursday sold 35,730 shares — estimated to be worth $39.17 million — in $Tesla (TSLA.US)$ , booking more profit in the electric vehicle stock that recently breached the $1 trillion market capitalization club and continues to be its largest exposure.

Tesla shares, which have risen about 50.24% so far this year, closed 0.68% higher at $1,096.38 a share on Thursday.

Ark Invest last sold shares in Tesla about two weeks ago and has been booking profit in the stock since early September when shares of the company began an upward march.

Including the latest sale, the New York-based money managing firm has sold about $1.8 billion worth of shares in Tesla since the start of September.

Despite the latest sales, Tesla remains Ark Invest's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Ark Invest sold Tesla shares via the $ARK Innovation ETF (ARKK.US)$ and the $ARK Next Generation Internet ETF (ARKW.US)$ on Thursday. The $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$ too owns shares in Tesla.

Ahead of Thursday’s trade, the three ETFs together held a total of 3.82 million shares — worth $4.19 billion — in the electric vehicle company.