© Reuters. Cathie Wood’s Ark Sells Tesla Stock For 3rd Straight Session As Week’s Disposals Total Whopping $30M
Benzinga – by Shanthi Rexaline, Benzinga Editor.
Cathie Wood-founded Ark Invest sold Tesla, Inc. (NASDAQ:TSLA) shares yet again on Friday, even as the stock struggles to break out a recent trading range.
What Happened: Three of Ark’s actively managed exchange-traded funds sold Tesla stock on Friday, with the cumulative disposals valued at $4.33 million. Here are the trade details:
- Ark Innovation ETF (NYSE:ARKK), the firm’s flagship ETF, sold 14,776 Tesla shares valued at $3.85 billion.
- ARK Autonomous Technology & Robotics ETF (CBOE: ARKQ) sold 820 shares valued at $213,634.60.
- ARK Next Generation Internet ETF (NYSE:ARKW) sold 1,021 shares valued at $266,001.13.
Ark sold Tesla in three of the four sessions of the week, as it divested $25.49 million worth of shares on Wednesday and $27,825.35 shares on Thursday.
The firm sold a total of $30.1 million worth of Tesla shares this week.
Why It’s Important: Tesla was in the spotlight this week as the electric vehicle maker reported below-consensus third-quarter deliveries and followed up with another round of price cuts in the U.S. The stock closed the week up 4.1% amid these developments.
ARKK, Ark’s flagship ETF, ended up 1.74% at $39.21, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next: Tesla Persists With Price Cuts After Underwhelming Q3 Sales, Rivian’s $1.5B Debt Offering Sinks Stock, Lucid’s Gamble With Cheaper Trim And More: Biggest EV Stories Of The Week
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
