The Ark Innovation, Ark Nex Generation and Ark Autonomous Tech & Robotics ETFs led by Cassie Wood sold 180,000 Tesla shares on Wednesday and Thursday. $139 million at closing price.
This equates to 3% of Ark’s Tesla stock. Ark still holds $4 billion in Tesla stock and is among the top 20 shareholders.
This stock sale is interpreted as a weighting adjustment due to the rise in Tesla price. In the past three weeks, Tesla’s market cap has increased by $75 billion.
Stocks rose as sales of Tesla cars made in China rose and the stock market generally rallied last month.
Tesla stock was up 0.4% last week. It is up 30% from its low in March.
Cassie Wood said earlier this year that Tesla stock would rise to $3,000 per share and a market cap of $3 trillion by 2025. Tesla currently has a market cap of $738 billion.
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