Cathie Wood's Ark Sells Another $29M In Tesla On Friday

Cathie Wood-led Ark Invest on Friday sold more shares in $Tesla (TSLA.US)$ , continuing to book profit in a stock that remains its largest bet.

Ark Invest sold a total of 28,345 shares — estimated to be worth $28.83 million based on Friday’s closing — in the electric vehicle maker.

Ark Invest sold the shares via the $ARK Innovation ETF (ARKK.US)$ and the $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$ and also holds the stock vis the $ARK Next Generation Internet ETF (ARKW.US)$ on Friday.

Tesla’s weight in ARKK and ARKW has slipped below the 10% threshold at 8.29% and 9.26%, respectively, as of Friday’s closing. In ARKQ, it still constitutes 10.8% of the portfolio.

The three ETFs held 2 million shares — worth $2.05 billion — in Tesla, ahead of Friday’s trade.

Ark Invest has been booking profit in Tesla since September — selling over $3 billion worth of shares — after years of piling up shares in the electric vehicle company at far lower levels.

Tesla continues to be the money managing firm's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025. Wood favors the automotive industry’s switch to electric vehicles and recently bought into $XPeng (XPEV.US)$ but has said she wouldn't buy the recently listed $Rivian Automotive (RIVN.US)$ at the current high valuations.