Cathie Wood-led investment management firm Ark Invest on Monday booked more profit in Tesla Inc (NASDAQ:TSLA) as the electric vehicle maker’s stock soared higher to cross the $1 trillion market capitalization.
Ark Invest sold 22,598 shares — estimated to be worth $23.16 million — in Tesla, based on its Monday’s closing price, via the Ark Next Generation Internet ETF (NYSE:ARKW).
Tesla shares, which have risen 40.4% so far this year, jumped 12.6% higher to close at $1,024.86 a share on Monday after landing its biggest ever order from rental car company Hertz Global Holdings (OTC:HTZZ).
No other Wood-led ETF owns shares in the Elon Musk-led company.
The three ETFs held a total of 3.28 million shares — worth $2.98 billion — in the electric vehicle company, ahead of Monday’s trade.
Tesla remains Ark Invest's biggest bet across ETFs despite the latest sales — a stock it predicts would hit the $3,000 mark by the end of 2025.
Ark began booking profit in the stock in early September when shares of the Musk-led company began an upward march.
Including the latest sale, the New York-based money managing firm has sold about $917.25 million worth of shares in Tesla since the start of September.
Here are a few other key Ark Invest trades from Monday:
- Sold 336,715 shares — estimated to be worth $17.06 million — in Pinterest Inc (NYSE:PINS) on the day shares of the company sank 12.71% to $50.68 a share.
- Sold 157,938 shares — estimated to be worth $38.99 million — in PayPal Holdings Inc (NASDAQ:PYPL) on the day shares of the online payments company closed 2.7% higher at $246.88 a share.
- Bought 462,490 shares — estimated to be worth $25.2 million — in Snap Inc (NYSE:SNAP) on the dip. Shares of the photo and video sharing app closed 1.16% lower at $54.5 a share on Monday.
- Bought 103,155 shares — estimated to be worth $6.40 million — in Twitter Inc (NYSE:TWTR) on the day shares of the company closed 0.21% lower at $62.11 a share. Twitter shares are down 4.65% in the past five days.