Cathie Wood cashes in on Tesla’s best day in over a decade by selling shares worth $22M

Cathie Wood, CEO and CIO of Ark Invest, unloaded over 85K shares of Tesla (NASDAQ:TSLA) on Thursday, taking advantage of the stock’s best day in over a decade to net just over $22M.

Shares of the electric vehicle giant soared 21.9% in the previous session. One has to go all the way back to May 9, 2013, for a bigger gain. The advance came after Tesla (TSLA) delivered one of its strongest quarterly reports in a while.

Wood, a longtime bull and supporter of the Elon Musk-led firm, locked in some profits as she sold shares of the company across two of her six actively managed exchange-traded funds.

The ARK Innovation ETF (NYSEARCA:ARKK) dumped 77,513 shares of Tesla while the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) sold 7,942 shares of the EV maker. Tesla (TSLA) stock closed at $260.48 on Thursday, netting Wood’s funds $22.3M.

Furthermore, the unwinding of TSLA shares is not something that Wood and her team often do. ARKK has sold TSLA on only three trading days in 2024, while ARKQ hadn’t sold anything at all up to this point.

Currently, Tesla (TSLA) is held in 343 separate exchange-traded funds but aside from single stock leverage ETFs, ARKK and ARKQ together are among the top portfolio holders of TSLA as ARKK has the second-largest concentration of TSLA compared to any ETF on the market at 13.03% and ARKQ holds the fifth most dense position in Tesla at 12.01%.

Year-to-date price action: TSLA +7.5%, ARKK -8.3%, and ARKQ +9.3%.