November 19, 2024

Cathie Wood's Ark Sells $10M Of Tesla Stock As Trump's AV Plans Boost Stock

Posted By: ndeeney

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On Monday, Cathie Wood-led Ark Invest made a series of trades, with Tesla Inc. TSLA being the most prominent. This comes amidst reports of President-elect Donald Trump’s plans to ease restrictions for self-driving vehicles and Tesla’s shares racing higher.

The TSLA Trade

Ark Invest’s trade involving Tesla shares comes at a time when the company’s stock is experiencing a significant surge. This surge is linked to reports that the incoming administration plans to prioritize a federal framework for autonomous vehicles, potentially making it easier to operate self-driving cars.

On Monday, Ark sold 30,939 Tesla shares worth $10.05 million from its flagship ARK Innovation ETF ARKK fund. Tesla shares ended the day higher by 5.6% at $338.74.

Ark has been on a Tesla share-selling spree of late. After the Elon Musk-led company released its third-quarter numbers in late October, the Wood-led firm sold $22.2 million worth of the stock.

Wood has highlighted Tesla’s trillion-dollar revenue potential in autonomous vehicles. On the topic she said, “The company that gets people from point A to point B the fastest, safest, and with the least wait time is going to dominate the market.”

See Also: Michael Van De Poppe Says Bitcoin, Ethereum And Altcoins Close To The Point Where Investors Can ‘Buy The Dip’

Other Key Trades:

Ark purchased shares of Blade Air Mobility (BLDE) and sold shares of Rocket Lab USA Inc (RKLB).
The firm sold shares of Unity Software Inc (U) and purchased shares of Crispr Therapeutics AG (CRSP).

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