Cathie Wood Just Dumped Millions in 2 of Her Favorite Stocks

Despite her frequent bullish takes on both Tesla and Elon Musk, Cathie Wood’s Ark Invest on July 17 dumped 45,184 shares of the electric-vehicle leader and nearly a quarter-million shares of its second-favorite holding: Coinbase. 

The trimming of Ark’s two favorites came across three of Ark’s ETFs. Ark Innovation  (ARKK) – Get Free Report sold the bulk of the stock, dropping 38,329 shares of Tesla and 127,266 shares of crypto exchange Coinbase,  (COIN) – Get Free Report valued at about $11.1 million and $13.4 million, respectively. 

DON’T MISS: Bad News for Elon Musk: Cathie Wood Just Wrote Down 47% of One Investment

Ark Next Generation Internet ETF  (ARKW) – Get Free Report shed 6,855 shares of Tesla,  (TSLA) – Get Free Report, valued a little shy of $2 million, and 44,784 shares of Coinbase, valued around $4.5 million. 

And Ark Fintech Innovation ETF  (ARKF) – Get Free Report sold another 76,788 shares of Coinbase, valued around $8 million. 

In total, Ark sold around $25 million of  (COIN) – Get Free Report and $13 million of  (TSLA) – Get Free Report

More Elon Musk & Cathie Wood:

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Even after the trimming, both Coinbase and Tesla remain some of Ark’s biggest holdings. 

Ark Innovation holds more than $1 billion of Tesla, and Ark Next Generation Internet holds more than $107 million of the EV company. Coinbase is Ark Innovation’s second-largest holding behind Tesla, with 7.6 million shares valued at more than $800 million. 

The crypto company is the Next Generation Internet ETF’s biggest holding, worth around $170 million. 

The latest sell-off in Tesla comes just a few days after Wood wrote down her Venture Fund’s investment in Twitter by 47%, though she said she still believes in the long-term value of the company.  

Tesla, which recently surpassed a $900 billion valuation, has more than doubled (up 135%) this year. 

Coinbase stock has just about doubled from this time last month and has nearly tripled this year. 

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