Cathie Wood-led Ark Investment Management on Wednesday trimmed its stake in Tesla Inc (NASDAQ: TSLA) and scooped up more shares in BYD Co (OTC: BYDDY), the Chinese electric vehicle maker backed by veteran investor Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B).
The popular investment firm sold 2,978 Tesla shares, estimated to be worth $3.25 million based on Wednesday's closing price.
A Tesla super-bull and a staunch EV supporter, Wood counts the Elon Musk-led company’s stock as its top holding and has estimated it to break past the $3,000 level by 2025.
The popular investment firm built a significant stake in Tesla until September 2021, a month before shares in the EV maker hit a $1 trillion market valuation on impressive third-quarter numbers and a large order from Hertz Global Holdings Inc (NASDAQ: HTZ).
Tesla shares closed 0.5% lower at $1,093.9 on Wednesday. The stock 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.
See Also: Cathie Wood Sold Another $57M In Tesla And Raised Stake In This Chinese EV Rival On Tuesday
Ark Invest held 1.51 million shares, worth $1.65 billion, in Tesla, before Wednesday’s trade.
It owns shares in Tesla via three of its actively traded exchange funds— the Ark Innovation ETF (NYSE: ARKK), the Ark Next Generation Internet ETF (NYSE: ARKW), and the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ).
Ark also bought 4,979 shares, estimated to be worth $284,151, in BYD.
BYD's stock closed 3.4% higher at $57.07 on Wednesday and is down 18% year-to-date.
Besides BYD, Wood has been building stakes in other EV firms such as Nio Inc (NYSE: NIO) and Xpeng Inc (NYSE: XPEV).
St. Petersburg, Florida-based Ark Invest held 476,854 shares, worth $26.3 million, in BYD before Wednesday's trade. It owns shares in the company via ARKQ.
Photos courtesy: Tesla/BYD
