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Ark Investment Company CEO Cathie Wood Sells Tesla Shares

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Just a day to the date Elon Musk met with Indian Prime Minister Modi, Ark Investment CEO cashed out the investment management firm’s holdings.

On Tuesday, June 20, Ark Investment Company CEO Cathie Wood dumped notable Tesla stock shares while the top EV hit an 8-month high and up at 28% this June.

Even on June 12, Ark Invest sold over 393,000 shares of Tesla for about $98.2 million according to TSLA’s closing share price of 249.83.

Although Cathie Wood bought more than 1.3 million shares of TSLA this year alone, at present, the company has dumped up to 730,000 shares.

Moreover, Ark Investment Firm, an investment company sold off its holdings of up to 31,500 worth $8.6 million in Tesla, a company owned by Elon Musk.

What could have been the cause?

After all, Cathie Wood has been supporting Tesla openly for a very long time and even forecasts that the EV firm will become a trillion-dollar company very soon.

Can it be because Ark Investment is seeking to direct its investments toward the Asian Country?

So as soon as Elon Musk sets up a meeting with the Indian Prime Minister, Cathie Wood sold off the company’s holdings.

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What May Be the Mystery Behind the Action?

Last year, Ark Investment purchased Tesla shares heavily when the company shares were down.

As of yesterday June 20, the share price of Tesla rose by more than 5% as it gained up to 45.31% this last month.

At present, the shares of Tesla are selling at $274, with a 5.34% rise in the pre-market.

So, Ark Investment management company and its CEO have been on a selling spree at present and keep on drawing in massive profits from the Tesla holdings.

Meanwhile, as of June 16, Cathie Wood’s Ark Investment company has dumped around 73,113 holdings of Tesla which is worth nearly $19.05 million.

Indian Prime Minister Modi and Elon Musk Meets

 Narender Modi, the Indian PM meets together with Elon Musk during his tour of the United States of America to deliberate on Tesla’s future in India.

According to Musk’s statement after the meeting, “Prime Minister Modi loves India greatly as he is pushing Tesla to make a bold move by investing in India. It is what Tesla is planning to do eventually, just that we are seeking the appropriate timing”.

Probably, after this fateful meeting, Musk will make moves toward India.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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