Cathie Wood-led Ark Invest on Wednesday shed less than half a percent of its position in Elon Musk-led Tesla Inc (NASDAQ:TSLA) as the shares of the electric vehicle company climbed.
Ark Invest sold a total of 8,100 shares, estimated to be worth about $5.76 million, in Tesla based on the stock’s closing price of $710.92 on Wednesday.
Tesla shares have jumped about 4% since Friday when the New York-based Ark Invest sold 63,643 shares, estimated to be worth about $43.7 million in the Palo Alto, California-based company.
Wood’s firm holds large bets in Tesla which it predicts will hit the $3,000 mark at the end of 2025.
Just last week, Wood compared Tesla with Apple Inc (NASDAQ:AAPL) in an interview with RealVision and had suggested a huge inefficiency in analyst research behind Tesla, as reported by Markets Insider.
Ark Invest on Wednesday deployed the Ark Next Generation Internet ETF (NYSE:ARKW) to sell shares in Tesla and also holds positions in the Elon Musk company via two other traded funds, namely, the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) and the Ark Innovation ETF (NYSE:ARKK).
Together the three ETFs held about 4.85 million shares, worth $3.4 billion, in Tesla ahead of Wednesday’s trades.
Some of the other key Ark Invest sells on Wednesday included Square Inc (NYSE:SQ) and buys included UiPath Inc (NYSE:PATH).