Cathie Wood Slashes Tesla Stake Further As Ark Offloads Nearly $19M Worth Of Stock
Portfolio Pulse from Shanthi Rexaline
Ark Invest, led by Cathie Wood, has continued to reduce its stake in Tesla, Inc. (NASDAQ:TSLA), selling 76,425 shares worth approximately $18.75 million. This is part of a selling streak that began in mid-June, with a total of 883,816 shares sold since then. Despite this, Tesla remains the top holding in Ark's flagship Ark Innovation ETF (NYSE:ARKK) and Ark Autonomous Technology & Robotics ETF (NYSE:ARKQ). The selling comes despite Ark's continued bullish stance on Tesla, with a 2027 price target of $2,000.
August 11, 2023 | 5:11 am
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NEGATIVE IMPACT
The continued selling of Tesla shares, a top holding in ARKK, could impact the ETF's performance.
As Tesla is a top holding in ARKK, any significant changes in Tesla's stock price could impact the performance of the ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The continued selling of Tesla shares, a top holding in ARKQ, could impact the ETF's performance.
As Tesla is a top holding in ARKQ, any significant changes in Tesla's stock price could impact the performance of the ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ark Invest's continued selling of Tesla shares could put downward pressure on the stock in the short term.
Large institutional investors like Ark Invest selling significant amounts of a stock can often lead to downward pressure on the stock's price as it increases the supply of shares available in the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100