Ark Invest Reduces Tesla Stock Holdings Despite Strong Performance
Ark Invest, helmed by Cathie Wood, reduced its big Tesla stock holdings on Tuesday. Despite the company’s electric vehicle (EV) dominance hitting eight-month highs and up over 28% in June. The investment management firm made $8.6 million on the sale of 31,500 Tesla shares.
Buying and Selling Spree
With yesterday’s close at $274, Tesla shares gained over 5% and throughout the month a 45.31% increase. The massive profits from Tesla stock have prompted a buying and selling spree at Ark Investment. Ark capitalized on the decline in Tesla shares last year.
On June 16 for about $19.05 million, Cathie Wood’s investment management firm sold 73,113 shares of Tesla. For years, Tesla supporter Cathie Wood has been spreading the word that the electric car maker would soon be worth a trillion dollars.
Tesla’s Expansion Plans
Indian Prime Minister Narendra Modi met with Tesla CEO Elon Musk on his recent trip to the United States to discuss the possibility of extending Tesla’s operations into India. The possibility of Elon Musk establishing additional Tesla assembly factories in China and India has been on his mind recently.
Banking on Coinbase Over Binance
Bloomberg recently interviewed Cathie Wood, CEO and CIO of ARK Invest, to find out why her flagship fund, Ark Innovation (ARKK), is expanding its stake in shares of Coinbase after the SEC’s lawsuit against Binance, one of Coinbase’s major rivals. With an average entry price between $272.75 and $282.93, Ark has invested a total of $1.77 billion over three separate funds.
Handpicked News: Skoda’s Indian Affiliate Launches NFT Platform Targeting Millennials