A couple of ARK Invest exchange-traded funds run by ETF star Cathie Wood made huge sales on Thursday. Specifically, these ETFs sold roughly $90 million worth of Tesla Inc. (NASDAQ: TSLA) altogether, as the prices of these funds were down over 5% on the day. Note that these funds are mostly down over the past year.
ARK Innovation ETF (NYSEARCA: ARKK) sold 71,638 shares of Tesla, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) parted with 16,118 shares. At Thursday’s closing price, this would have valued the sales at roughly $90.5 million altogether. Even though this is a small fraction of their total holdings, every little bit counts. The innovation fund was down 44% in the past year, and the internet fund is down about 34%.
Check out all the ARK Invest sales for Thursday as well:
Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and nonvoting shareholder of 24/7 Wall St., owner of 247wallst.com.