Cathie Wood’s EFTs sold $66 million worth of Tesla Inc. shares Tuesday and invested more in Robinhood Markets Inc, according to a report by Bloomberg on Wednesday.
- Ark Investment Management LLC funds sold nearly 89,000 shares in Tesla and purchased an extra 236,000 of Robinhood. The investment firm bought around 390,000 Robinhood shares this month.
- Shares in the online brokerage have dropped 43% from their peak in early August. Ark is the company’s fifth-largest stockholder with just below 1% of the shares.
- Ark funds have sold over a million Tesla shares in the last five months, offloading $200 million worth of Tesla shares this month alone.
- Ark’s strategy regularly involves selling some of its winners to invest in other potential targets. Its investment in Tesla has surged in value in recent months, with the stocks of the EV maker up 32% from their 2021 low, set in March.
Ark’s other trades on Tuesday included buying more of Zoom Video Communications Inc. and Signify Health Inc. Ark’s daily trading update reflects portfolio changes made by its investment team. TSLA down -0.13%, HOOD up +2.65%