Ark Invest Offloads Tesla Shares Worth Over $20 Million
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On Thursday, Ark Invest, led by Kathy Wood, made some interesting trades, the most significant of which was the sale of Tesla Inc (TSLA) shares.
Ark Invest sold 85,456 shares of Tesla from its ARK Innovation ETF (ARKK) and ARK Autonomous Technology & Robotics ETF (ARKQ), which totaled $22.22 million based on Tesla’s closing price of $260.48 per share. The sale took place on a day when Tesla’s stock rose 21.9%.
The decision to sell followed Tesla’s impressive third-quarter earnings report, which beat expectations and highlighted improving profit margins. Additionally, the company presented a positive outlook for vehicle deliveries through 2025, which caught analysts’ attention during the earnings call.
In July, Musk backed Ark Invest’s ambitious $5 trillion valuation for Tesla, suggesting it could prove to be an understatement. He cited the potential demand for the Optimus humanoid robot, estimating that more than 20 billion units could be needed for various consumer and industrial applications.
Additionally, Ark Invest’s ARKG ETF sold shares of Vertex Pharmaceuticals Inc (VRTX). ARKG and ARKK ETFs acquired shares of CRISPR Therapeutics AG (CRSP). Also, shares of Intellia Therapeutics Inc (NTLA) were purchased by ARKG and ARKK, while ARKG added shares of Cerus Co.
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