Cathie Wood-led Ark Investment Management on Thursday sold 37,551 shares in Tesla Inc (NASDAQ:TSLA), estimated to be worth $40.46 million based on Thursday's closing price.
The Elon Musk-led company’s stock closed 1.5% lower at $1,077.6 a share on Thursday and is down about 10.2% year-to-date.
Wood during the past week resumed profit-booking in Tesla after shares of the electric vehicle maker climbed over $1,000 apiece, helping it rejoin the $1 trillion market valuation club after nearly a month of sluggishness.
Ark started reducing exposure to Tesla stock in September 2021, after the company delivered impressive third-quarter numbers and later won a large order from Hertz Global Holdings Inc (NASDAQ: HTZ).
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A Tesla super-bull and a staunch EV supporter, Wood counts the company’s stock as its top holding and has estimated it to break past $3,000 by 2025.
Ark Invest held 1.5 million shares, worth $1.64 billion, in Tesla, before Thursday’s trade.
It owns shares in Tesla via the Ark Innovation ETF (NYSE: ARKK), the Ark Next Generation Internet ETF (NYSE: ARKW), and the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ).
Tesla shares rallied 8% higher on Monday after the company said it will seek investor approval to increase its number of shares to enable a stock split in the form of a dividend.
Besides Tesla, Ark Invest has been building up positions in Chinese electric vehicle makers such as Nio Inc (NYSE: NIO), Xpeng Inc (NYSE: XPEV), and BYD Co (OTC: BYDDY).
