Ark Invest Sells Tesla Shares Post Q3 Surge on Oct 24
- Ark Invest sold 85,456 Tesla shares worth $22.22 million on October 24, 2024.
- The sale coincided with Tesla's stock price soaring 21.9% after announcing strong earnings and a positive 2025 delivery outlook.
- This series of trades illustrates Ark Invest's strategic repositioning in response to market trends.
On October 24, 2024, Ark Invest, under the leadership of Cathie Wood, sold 85,456 shares of Tesla Inc., which were valued at approximately $22.22 million. This sale occurred on the same day Tesla's stock surged by 21.9%, driven by the company’s strong third-quarter earnings report that exceeded analyst expectations, alongside an optimistic vehicle delivery forecast for 2025. Tesla’s CEO, Elon Musk, provided detailed insights during the earnings call that contributed to the positive stock jump. Earlier in the year, Musk indicated that Ark Invest's projected $5 trillion valuation for Tesla could be conservative, citing significant potential demand for the company’s Optimus humanoid robot. This further reflects investor interest and confidence in Tesla's innovations and future market capabilities. The trading strategy also included selling shares of Vertex Pharmaceuticals from Ark's ARKG ETF and purchasing shares in CRISPR Therapeutics among others. Such movements show Ark Invest's dynamic approach to investment in biotechnology and technology sectors, adapting its portfolio in response to market conditions and forecasts. This sale reflects a strategic decision by Ark Invest, possibly to capitalize on the recent rally in Tesla's stock price while maintaining positions in strategically important companies in emerging fields like genetics and robotics, positioning them for future growth.