The investment management business received $8.6M in exchange for selling 31,500 shares.
73,113 Tesla shares were sold by Cathie Wood’s firm on June 16 for about $19.05 million.
Despite the electric vehicle (EV) titan reaching eight-month highs and up over 28% in June, the Cathie Wood-led Ark Invest business cut large Tesla stock holdings on Tuesday. The investment management business received $8.6 million in exchange for selling 31,500 of Elon Musk’s Tesla shares.
Ark Invest, led by Cathie Wood, liquidated its Tesla stock holdings the day before Elon Musk’s meeting with the Indian PM because the business plans to invest in India.
Yesterday, Tesla stock finished nearly 5% higher, for a monthly gain of 45.31%, trading at $274. Ark Investment has been on a buying and selling binge as it continues to reap huge gains from its holdings in Tesla. When Tesla’s stock dropped last year, Ark pounced.
Cathie Backs Coinbase
An earlier transaction involving 73,113 Tesla shares was completed by Cathie Wood’s investment management business on June 16 for about $19.05 million. Cathie Wood has been a vocal advocate for Tesla for years, claiming the electric vehicle manufacturer will become a trillion-dollar business in the near future.
While visiting the United States, Indian Prime Minister Narendra Modi met with Tesla CEO Elon Musk to explore expanding the company’s operations in India. Elon Musk has been considering opening new Tesla assembly plants in China and India.
Moreover, after the Securities and Exchange Commission (SEC) sued Binance, one of Coinbase’s biggest competitors, ARK Invest CEO, and CIO Cathie Wood recently discussed why her flagship fund, Ark Innovation (ARKK), is increasing its position in shares of Coinbase (COIN) with Bloomberg. Ark has invested a total of $1.77 billion over three different funds, with an average entry price of $272.75 to $282.93.