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Friday, 09/22/2023 6:16:35 PM

Friday, September 22, 2023 6:16:35 PM

Post# of 86625
Cathie Wood dumped 170k Tesla shares this week as TSLA falls harder than the S&P 500

Cathie Wood's Ark Investment Management sold 62,367 Tesla shares for around $16 million Thursday, based on Tesla stock's closing price of 255.70, according to the company's daily trade disclosure.

On the week, Wood sold 171,617 TSLA shares over Tuesday, Wednesday and Thursday.

Wood's Tesla trades this week were done through the ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). TSLA is the top holding in ARKK, with a 11.08% weight. Meanwhile, in ARKW, Tesla sits fourth with a 6.78% weight.

Cathie Wood's decision comes as Tesla stock, ahead of Friday trade, has dropped 6.8% on the week. The S&P 500 dropped around 2.5% so far.

Last week, Cathie Wood began selling Tesla stock after taking nearly a month off from touching her TSLA holdings. Wood has been locking in profit on Tesla stock since mid-June and the total number of shares sold since June 12, including Thursday's sale, amounts to more than 1 million.
Cathie Wood: Tesla Stock

Tesla stock fell 4% to 245.17 Friday during market action, dropping below its 50-day line. On Thursday, shares fell 2.6% to 255.70, essentially round-tripping all of the prior week's gains spurred by the bullish analyst call on the EV maker's Dojo supercomputer and self-driving prospects.

With Tesla's third quarter also soon coming to an end, Wall Street has revised its view on vehicle deliveries. The consensus view is Tesla will deliver 468,000 vehicles in Q3, down from the previous view of 470,000, according to FactSet. However, some analysts believe Tesla's Q3 total will come in below Q2's record-setting 466,000 delivered vehicles.

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