Cathie Wood Sells Whopping $13.88M Worth Tesla Stock Following 9% Rally This Week
Portfolio Pulse from Shanthi Rexaline
Ark Invest, led by Cathie Wood, sold 51,155 Tesla shares on Wednesday, amounting to $13.88 billion. This comes after Tesla's stock rallied by 9% this week. Despite the sale, Tesla remains the top holding of Ark's flagship ETF, the Ark Innovation ETF (ARKK), with an 11.38% weighting. Ark has been selling Tesla stock since mid-June, even amid the stock's weakness following Tesla's Q2 earnings release.
September 14, 2023 | 10:01 am
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NEGATIVE IMPACT
Ark Invest sold a significant amount of Tesla shares, which could potentially impact the stock's price in the short term.
The sale of a large number of shares by a major investor like Ark Invest could lead to a decrease in Tesla's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Despite the sale of Tesla shares, Tesla remains the top holding in Ark's flagship ETF, ARKK. This could potentially impact the ETF's performance.
The sale of Tesla shares by Ark Invest could potentially impact the performance of ARKK, as Tesla is the ETF's top holding. However, the impact may be neutral as Tesla still remains a significant part of the ETF's portfolio.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100