Economy

Tesla drops down 10% of Cathie Wood’s flagship stake

By Yukta Samvedi

Catherine Duddy Wood founder, CEO, and CIO of Ark Invest, an investment management firm has allowed its stake in Tesla Inc to slip below 10% this week.

With a net sales of about 2,52,000 shares over a period of one month Tesla 9.7% of Art Invest’s ETF (Exchange Transfer Funds), which are similar to index mutual funds. However, they trade just like stocks. Down from 10.9% in a period of 30 days, the funds remaining Tesla stake is $2.4 billion according to portfolio listings.

This reduction in stake took place because Ark Invest predicted in March that Tesla’s stock would reach $3,000 by 2025.

Refinitiv, a global provider of financial market data and infrastructure revealed that in the past year ARK’s Innovation ETF assets became so popular among retail investors that they soared over 100% and rose from $24 billion to under $2 billion at the end of 2019.

Along with that the financial data company also claimed that Ark Invest also owns Tesla shares in other ETFs, and it is the electric car maker’s 19th largest shareholder.

 

Tags: #equity #sharemarket #stake Tesla

Yukta Samvedi

"Yukta Samvedi, a business enthusiast and Economics student is currently pursuing her passion for the world of media and commerce by working as a Business and Current Affairs Journalist at USAnewshour."