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Cathie Wood Sells Another $156M In Tesla On Tuesday And Buys The Dip In Zoom And This Stock

Cathie Wood-led investment management firm Ark Invest continued to trim its stake in Tesla Inc (NASDAQ:TSLA) stock on Tuesday.

Ark Invest sold 141,069 shares — estimated to be worth $156.44 million — in the Elon Musk-led company’s stock.

Tesla shares jumped more than 2% in early trading on Tuesday only to lose all the gains later in the session. The stock closed 4.14% lower at $1,109.03 a share. Tesla shares have risen 52% so far this year; most of this appreciation has happened since September.

Ark Invest has been booking profit in Tesla since September, a stock that the money managing firm bought at much lower levels. Tesla continues to be the firm’s biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Including the latest sale, Ark has sold about $2.38 billion worth of shares in Tesla since the start of September.

See Also: Cathie Wood Continues Profit-Booking In Tesla, Selling Another $210M Shares On Monday — Here Are The Other Key Trades

Ark Invest sold Tesla shares via the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW). The Ark Autonomous Technology & Robotics ETF (BATS:ARKW) too owns shares in Tesla.

Ahead of Tuesday’s trade, the three ETFs together held a total of 2.56 million shares — estimated to be worth $2.84 billion — in the electric vehicle company.

Here are a few other key trades for Ark on Tuesday:

  • Bought 645,110 shares — estimated to be worth $133.3 million — in Zoom Video Communications Inc (NASDAQ:ZM) on the dip. The stock plummeted 14.7% to close at $206.64 a share on Tuesday. 
  • Sold 43,188 shares — estimated to be worth $14.56 million — in Facebook Inc (NASDAQ:FB). The stock closed 1.10% lower at $337.25 a share on Tuesday.
  • Bought 499,744 shares — estimated to be worth $13.81 million — in Robinhood Markets Inc (NASDAQ:HOOD). The stock closed 0.68% lower at $27.65 a share. The company on Monday said it tested the transfer of meme cryptocurrency Dogecoin (CRYPTO: DOGE) to an external wallet for the first time.

Photo: Courtesy of Tesla

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