Tesla Inc (NASDAQ: TSLA) shares have recovered close to 35% since mid-May, which Cathie Wood saw as a good opportunity to take profits.
The billionaire investor trimmed her position in Tesla by 183,648 shares, generating close to $138.5 million. Shares were sold in two back-to-back sessions; 142,708 on Wednesday and another 40,940 on Thursday.
The announcement comes only days after Tesla received approval from the Indian government to sell its electric vehicle in the world’s 2nd most populous country.
Wood still has a sizable stake in Tesla
Wood still has a sizeable stake in Tesla that she’s confident could hit $3,000 per share by the end of 2025. She owns the electric car manufacturer’s stock via her wealth management company, Ark Invest.
“Our estimate for Tesla’s success has gone up. The main reason for that is their market share. Instead of going down from year-end 2017 to today, it has actually gone up fairly dramatically,” she told Yahoo Finance last week.
Ahead of Thursday’s trim, three of the firm’s ETFs, Ark Innovation, Ark Autonomous Technology & Robotics, and Ark Next Generation, owned $3.3 billion worth of Tesla shares combined (4.37 million shares), making it the largest holding for all three. Other Ark ETFs, however, have no exposure to Tesla.
Wood’s other notable bets on Thursday
On top of cutting her position in Elon Musk’s company, Wood also used her wealth management company on Thursday to snap significant stakes in UiPath Inc and Roku Inc. She bought 1.05 million shares of the former and 59,529 shares of the latter.
Wood’s other bets on Thursday include selling 66,402 shares of Iridium Communications Inc and 59,376 shares of Trimble Inc.
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