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On Thursday, Cathie Wood’s Ark Invest made a significant move by reducing its stake in Tesla Inc (NASDAQ:TSLA), despite a recent bullish outlook on the company’s potential in the autonomous taxi sector.
The Tesla Trade
The ARK Next Generation Internet ETF (NYSE:ARKW) sold 32,199 shares of Tesla, valued at approximately $8.02 million based on the closing price of $249.23 on the same day. This move comes after recent comments by Wood, who expressed her belief that Tesla’s stock could see a significant surge as it moves into the autonomous taxi business.
Wood, in a recent Tiger Money podcast, stated that Tesla could potentially capture up to 50% of the autonomous taxi market, presenting a global revenue opportunity of $8 trillion to $10 trillion. She further emphasized that “Autonomous taxi platforms are the biggest AI project evolving today.”
However, this isn’t the first time Ark Invest has trimmed its Tesla holdings. Earlier in July, Ark Invest began selling Tesla shares just after the company reported second-quarter deliveries that topped muted forecasts. The firm continued selling a smattering of its Tesla holdings over the next two sessions before pausing on last Monday.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
