Popular money manager Cathie Wood’s investment firm Ark Invest sold more shares in Tesla Inc (NASDAQ: TSLA) on Tuesday, booking profit in the stock even as shares of the electric vehicle company fell after days of rising higher.
Ark Invest sold 80,100 shares — estimated to be worth $93.87 million — in the Elon Musk-led company’s stock, which recently broke into the $1 trillion market capitalization club.
Tesla shares, which have risen about 50% in the past month, closed 3.03% lower at $1,171.97 a share on Tuesday.
Musk on Monday expressed surprise that the news around car rental company Hertz Global Holdings (OTC: HTZZ) was driving the stock price surge.
The Tesla CEO tweeted to say he would like to “emphasize that no contract has been signed yet” between the two companies and that the “Hertz deal has zero effect” on the automaker’s economics.
See Also: Why Elon Musk Can't Wrap His Head Around Tesla Stock's Surge
Ark has been booking profit in the stock since early September when shares of the company began an upward march.
Including the latest sale, the New York-based money managing firm has sold about $1.23 billion worth of shares in Tesla since the start of September.
Despite the sell-off, Tesla remains Ark Invest's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.
Ark Invest sold Tesla shares via the Ark Innovation ETF (NYSE: ARKK) on Tuesday. Besides ARKK, the Ark Autonomous Tech. & Robotics ETF (NYSE: ARKQ) and the Ark Next Generation Internet ETF (NYSE: ARKW) also have stakes in Tesla.
Each of the three ETFs — which count Tesla as their largest exposure — has risen between 14% to 16% in the past month. Ahead of Tuesday’s trade, the three ETFs together held a total of 3.01 million shares — worth $3.64 billion — in the electric vehicle company.
See Also: Cathie Wood Sells $10.6M In Palantir And $20M In Pinterest And Loads Up $1.7M In This Supplier Of Elon Musk's SpaceX
Here are a few other key trades for Ark on Tuesday:
