As reported by Bloomberg, Ark Investment’s exchange-traded funds have dumped approximately $66 million worth of Tesla shares (89,000 shares) in order to grab more stocks of Robinhood – a trading app that works with stocks and cryptocurrencies.
Cathie Wood sees Tesla shares at $3,000, but Ark is trimming its stake https://t.co/S9YL6nvlaq
— Bloomberg Markets (@markets) September 15, 2021
So far, Ark Investment has sold a $200 million worth of Tesla’s stocks this month. After selling the shares of the e-car making giant, Cathie Wood’s fund added $10 million worth of Robinhood (over 236,000) shares that continue to trade in the downtrend after dropping 43 percent from the high at the start of August.
So far, Ark’s ETFs have added around 390,000 Robinhood shares in September.
In the past five months, Ark sold more than a million of Tesla shares. However, the shares of the giant run by Elon Musk remains the fund’s largest holding of over $4 billion in worth.
Part of the Ark’s investment strategy is to sell its highly evaluated holdings in order to invest in other companies.
Earlier, Cathie Wood made a prediction that by 2025, Tesla shares would be worth $3,000. She has also recently stated that she expects Bitcoin to rise to more than $500,000 within next five years and said that Ark’s confidence in Ethereum has gone up significantly.