over 2 years ago • 1 min
Ark Investment Management, the money manager founded by Cathie Wood, has sold nearly 184,000 Tesla shares this week after the automaker’s stock price climbed to a four-month high.
The investment firm sold 142,700 shares on Wednesday and another 40,940 on Thursday, netting about $139 million, according to trading notifications from Ark.
The chart above shows how, since March, Ark has sold Tesla stock every time its price has climbed above $700 or so. Ark still owns more than 4.3 million shares in Tesla, making Elon Musk’s firm its biggest holding across its six actively managed funds.
After a superb 2020, this year has proved tougher for Ark. Its flagship Ark Innovation fund (ticker: ARKK) is down 2.2% so far in 2021, compared to a 14% gain in the global stock market. Investors have pulled $388 million from the fund so far in September, putting it on course for a third straight month of outflows.
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