Cathie Wood Dumps Tesla Shares Day Before Elon Musk Meets Indian PM
Cathie Wood led Ark Invest firm dumped significant Tesla stock holdings Tuesday with the EV giant hitting eight-month highs and up around 28% in June. The investment management firm cashed out 31,500 Elon Musk’s Tesla shares worth $8.6 million.
Cathie Wood’s firm Ark Invest sold its Tesla stock holdings a day before Elon Musk’s meeting with the Indian P as the company looks to invest in the Asian country.
Tesla Shares Rise Over 5%
Tesla shares closed over 5% higher yesterday as it gained 45.31% in the last month. At the time of writing, Tesla shares are trading at $274, with 5.34% increase in the pre-market. Ark Investment has been on a selling spree recently as it continues to scoop massive profits on Tesla shares. Ark bought heavily last year when Tesla shares were down.
Earlier, Cathie Wood’s investment management firm sold 73,113 shares of Tesla 16th June for around $19.05 million.
Also Read: Cathie Wood Predicts Bitcoin Price..
Cathie Wood has openly supported Tesla for a long time, predicting that the EV company will soon be a trillion dollar company.
Elon Musk Meets Indian PM Modi
Indian Prime Minister Narender Modi on his tour in the USA met Elon Musk to discuss the future of Tesla in India. After meeting Indian Prime Minister, Musk said:
“PM Modi really cares about India because he is pushing us to make significant investment in India, which is something that we tend to do. We just have to figure out the right timing.”
Elon Musk has been looking to expand Tesla factories in Asian countries, including India and China. Musk, sharing his plans to expand Tesla to India, said, “I am confident Tesla will be in India and will do so as soon as humanly possible.”
Also Read: Elon Musk’s Advice on Crypto, Latest..
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