Cathie Wood sells Tesla shares: what did she buy in its place?
Tesla Inc (NASDAQ: TSLA) shares have recovered sharply over the past few weeks, now up roughly 45% since March 14th – a rally that celebrity investor Cathie Wood saw as an opportunity to take profits.
Wood sold $205 million in Tesla stockCopy link to section
The founder and CEO of Ark Investment Management sold a total of $205 million in Tesla stock this week. The EV maker is one of her largest holdings.
The move comes more than a month after Wood loaded up on 60,000 Tesla shares. Earlier this week, she increased her exposure to Chinese rival Nio Inc.
The surge in TSLA was in concert with the recovery in the broader market and was related also to the official launch of its Berlin Gigafactory. CEO Elon Musk was reported considering another stock split as well.
What did Wood buy this week?Copy link to section
Ark’s daily transaction report confirms that Wood has reallocated the money she pulled out of Tesla into crypto, gaming, and streaming companies.
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She expanded her stake in Coinbase by $100 million and also bought shares of other hard-hit stocks like Roku, Zoom, and Roblox. Coinbase is currently in talks to buy Latin America’s largest crypto brokerage.
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Wood’s flagship ARK Innovation ETF was the darling of 2020, with a 150% return. Ever since, however, things have been challenging for ARKK that tanked 24% last year and is down 27% in 2022. The ETF, however, continues to see net inflow.