Cathie Wood Dumps Tesla And Meta Shares, Here Is What Ark Invest Purchased Instead
On Thursday, Cathie Wood-led Ark Invest made significant trades, including selling shares of Tesla Inc. (NASDAQ:TSLA) , Meta Platforms Inc. (NASDAQ:META) , and buying ARK 21Shares Bitcoin ETF (BATS:ARKB). These moves come amid evolving market conditions and strategic shifts in the tech and crypto sectors.
The Tesla Trade
ARK Next Generation Internet ETF (BATS:ARKW) fund sold 7,478 shares of Tesla. on Thursday. The sale comes as Tesla’s stock closed at $454.53, marking a 1.74% increase. This transaction is valued at approximately $3.4 million.
Despite recent gains, the Elon Musk-led company has underperformed compared to major indices like the S&P 500 and the NASDAQ 100, as noted by investor Gary Black. Black highlighted Tesla’s advancements in autonomous driving as a potential catalyst for future growth, particularly in the Robotaxi sector.
Despite the sale, Tesla remains Ark’s top holding, with Wood’s stake valued at $949.82 million, representing 12.36% of the portfolio by weight.
The Meta Trade
Ark Invest reduced its holdings in Meta Platforms by selling …
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