April 23, 2022

Cathie Wood’s Ark Sells $66M in Tesla Stocks

The investment management firm sold 67,884 shares in Tesla on 20th April and piled up shares in the US crypto exchange giant Coinbase.

Cathie Wood-owned firm bought 167,810 shares worth $24.7 million in Coinbase.

Ark Invest held 6.32 million shares of the US crypto exchange giant, worth $957 million, before Wednesday’s trade. Coinbase’s shares are down 41.4% year-to-date.

Three Ark Investment ETFs held nearly 1.47 million shares in Tesla before Wednesday’s sell off.

Tesla shares gained 5.5% in extended trading on Wednesday after the electric-car vehicle reported its quarterly results.

Interestingly, Cathie Wood’s firm also predicted that Tesla’s stock could soar over 350% by 2026.

Cathie Wood has predicted bitcoin to reach $1 million by the end of this decade.