Cathie Wood’s Ark Invest Sold $605 Million In Tesla Last Month—But Doubled Down On Crypto Markets, Retail Traders And Online Betting

Cathie Wood’s Ark Invest Sold $605 Million In Tesla Last Month—But Doubled Down On Crypto Markets, Retail Traders And Online Betting

Share to Linkedin Famed stock picker Cathie Wood, the CEO of investment firm Ark Invest, offloaded a massive stake in Tesla last month, dumping more than $600 million in shares to instead splurge on recently struggling stocks like Coinbase and Robinhood—doubling down on her staunchly bullish stance on disruptive tech despite growing skepticism around the strategy on Wall Street. After declaring bitcoin's price could skyrocket to $500, 000, the famed Wall Street investor splurged ... [+] on shares of crypto exchange Coinbase. According to Ark's daily transaction reports, the firm's funds sold another 381, 000 shares of Tesla this week, representing a stake worth about $297 million and lifting its total sales of the stock to $605. 7 million based on closing market prices. By far, Tesla has remained Wood's most-sold stock throughout September, but she's also sold stakes in Singapore-based Internet firm Sea, Swiss pharmaceutical giant Novartis and industrial automation company Teradyne for a combined $583 million. In their place, Ark has shifted its buying focus over the past two weeks to a crop of new stocks that all started trading this year and haven't been faring too well, led by a $143 million investment in cryptocurrency exchange Coinbase,