Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Cathie Wood's Ark Sells Tesla Stock For 3rd Straight Session As Week's Disposals Total Whopping $30M

Published 07/10/2023, 20:34
Updated 07/10/2023, 21:40
© Reuters.  Cathie Wood's Ark Sells Tesla Stock For 3rd Straight Session As Week's Disposals Total Whopping $30M

Benzinga - by Shanthi Rexaline, Benzinga Editor.

Cathie Wood-founded Ark Invest sold Tesla, Inc. (NASDAQ:TSLA) shares yet again on Friday, even as the stock struggles to break out a recent trading range.

What Happened: Three of Ark’s actively managed exchange-traded funds sold Tesla stock on Friday, with the cumulative disposals valued at $4.33 million. Here are the trade details:

  • Ark Innovation ETF (NYSE:ARKK), the firm’s flagship ETF, sold 14,776 Tesla shares valued at $3.85 billion.
  • ARK Autonomous Technology & Robotics ETF (CBOE: ARKQ) sold 820 shares valued at $213,634.60.
  • ARK Next Generation Internet ETF (NYSE:ARKW) sold 1,021 shares valued at $266,001.13.

Ark sold Tesla in three of the four sessions of the week, as it divested $25.49 million worth of shares on Wednesday and $27,825.35 shares on Thursday.

The firm sold a total of $30.1 million worth of Tesla shares this week.

Why It’s Important: Tesla was in the spotlight this week as the electric vehicle maker reported below-consensus third-quarter deliveries and followed up with another round of price cuts in the U.S. The stock closed the week up 4.1% amid these developments.

ARKK, Ark’s flagship ETF, ended up 1.74% at $39.21, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next: Tesla Persists With Price Cuts After Underwhelming Q3 Sales, Rivian’s $1.5B Debt Offering Sinks Stock, Lucid’s Gamble With Cheaper Trim And More: Biggest EV Stories Of The Week

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.