Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Street
The Street
Business
Ian Krietzberg

Cathie Wood Just Dumped Millions in 2 of Her Favorite Stocks

Despite her frequent bullish takes on both Tesla and Elon Musk, Cathie Wood's Ark Invest on July 17 dumped 45,184 shares of the electric-vehicle leader and nearly a quarter-million shares of its second-favorite holding: Coinbase. 

The trimming of Ark's two favorites came across three of Ark's ETFs. Ark Innovation (ARKK) -) sold the bulk of the stock, dropping 38,329 shares of Tesla and 127,266 shares of crypto exchange Coinbase, (COIN) -) valued at about $11.1 million and $13.4 million, respectively. 

DON'T MISS: Bad News for Elon Musk: Cathie Wood Just Wrote Down 47% of One Investment

Ark Next Generation Internet ETF (ARKW) -) shed 6,855 shares of Tesla, (TSLA) -), valued a little shy of $2 million, and 44,784 shares of Coinbase, valued around $4.5 million. 

And Ark Fintech Innovation ETF (ARKF) -) sold another 76,788 shares of Coinbase, valued around $8 million. 

In total, Ark sold around $25 million of (COIN) -) and $13 million of (TSLA) -)

More Elon Musk & Cathie Wood:

Even after the trimming, both Coinbase and Tesla remain some of Ark's biggest holdings. 

Ark Innovation holds more than $1 billion of Tesla, and Ark Next Generation Internet holds more than $107 million of the EV company. Coinbase is Ark Innovation's second-largest holding behind Tesla, with 7.6 million shares valued at more than $800 million. 

The crypto company is the Next Generation Internet ETF's biggest holding, worth around $170 million. 

The latest sell-off in Tesla comes just a few days after Wood wrote down her Venture Fund's investment in Twitter by 47%, though she said she still believes in the long-term value of the company.  

Tesla, which recently surpassed a $900 billion valuation, has more than doubled (up 135%) this year. 

Coinbase stock has just about doubled from this time last month and has nearly tripled this year. 

Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.