Cathie Wood’s Ark Sells $10M Of Tesla Stock As Trump’s AV Plans Boost Stock

On Monday, Cathie Wood-led Ark Invest made a series of trades, with Tesla Inc. TSLA being the most prominent. This comes amidst reports of President-elect Donald Trump’s plans to ease restrictions for self-driving vehicles and Tesla’s shares racing higher.

The TSLA Trade

Ark Invest’s trade involving Tesla shares comes at a time when the company’s stock is experiencing a significant surge. This surge is linked to reports that the incoming administration plans to prioritize a federal framework for autonomous vehicles, potentially making it easier to operate self-driving cars.

On Monday, Ark sold 30,939 Tesla shares worth $10.05 million from its flagship ARK Innovation ETF ARKK fund. Tesla shares ended the day higher by 5.6% at $338.74.

Ark has been on a Tesla share-selling spree of late. After the Elon Musk-led company released its third-quarter numbers in late October, the Wood-led firm sold $22.2 million worth of the stock.

Wood has highlighted Tesla’s trillion-dollar revenue potential in autonomous vehicles. On the topic she said, “The company that gets people from point A to point B the fastest, safest, and with the least wait time is going to dominate the market.”

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Other Key Trades:

• Ark purchased shares of Blade Air Mobility (BLDE) and sold shares of Rocket Lab USA Inc (RKLB).
• The firm sold shares of Unity Software Inc (U) and purchased shares of Crispr Therapeutics AG (CRSP).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal