Cathie Wood Sells $7M Tesla Stock Friday Amid Pullback, Bets Big On This Crypto-Linked Stock
Cathie Wood's Ark Invest offloaded more Tesla Inc. (NASDAQ:TSLA) shares on Friday even as it amassed this crypto-linked stock for a second straight day.
Tesla Selling Spree: Ark, through its Ark Innovation ETF (NYSE:ARKK) and Ark Next Generation Internet ETF (NYSE:ARKW), sold 27,841 shares of Tesla. The sale would have fetched the fund $7.14 million, based on the $256.60 at which the stock closed on Friday.
On Tuesday, Ark offloaded $8.67 million worth of Tesla, as it took some profit off the table following the stock's run-up.
For the week, Ark's cumulative sale of Tesla was at $15.81 million.
Tesla has been volatile in recent sessions after a strong rally led it to an intraday high of $276.99 on Wednesday. The stock has come off this high since then. The downside was in part due to back-to-back downgrades the stock suffered this week.
See Also: Everything You Need To Know About Tesla Stock
Ark's major disposals Friday included:
- Canadian e-commerce retailer Shopify Inc. (NYSE:SHOP): 78,676 shares valued at $5.02 million
- Sports betting company DraftKings Inc. (NASDAQ:DKNG): 122,556 shares valued at $3.07 million.
- Cancer-focused biotech Surface Oncology Inc. (NASDAQ:SURF): 499,030 shares valued at $414,195
Major Buys: Ark bought more shares of Robinhood Markets Inc. (NASDAQ:HOOD) Friday. Through ARKK, ARKW and ARK Fintech Innovation ETF (NYSE:ARKF), Ark bought 1.07 million shares valued at $10.18 million.
Friday's trade marked the second straight day of Robinhood buying, taking the week's total purchase to $15,39 million.
Price Action: Tesla closed Friday's session down 3.03%, at $256.60, according to Benzinga Pro data. ARKK ended the week at $42.14, down 1.24%.
