Cathie Wood Shed Another $11M From Tesla Stake On Friday, Bought Disney And These Stocks Instead

Cathie Wood-led Ark Invest on Friday continued trimming its stake in Tesla Inc (TSLA) and increased its exposure in Walt Disney Co (DIS) on Friday.

Photo credit: David Marshall

The popular investment management firm sold 14,362 shares — estimated to be worth $10.9 million— in Tesla via the Ark Next Generation Internet ETF (ARKW)..

Two other ETFs — the Ark Innovation ETF (ARKK)  and the Ark Autonomous Technology & Robotics ETF (ARKQ) own shares in the electric vehicle company.

The investment firm has sold an estimated $310 million in the Elon Musk-led company so far in September in five days of selling.

Shares of the Palo Alto, California-based company closed 0.33% higher at $759.49 on Friday and have risen 3.2% so far this month. Year-to-date, Tesla shares have risen 4.07%.

The three ETFs held a total of about 4.09 million shares — worth $3.1 billion — in the electric vehicle company, as of Friday’s trades.

The popular investment management firm has a large exposure in Tesla, a stock it predicts will hit the $3,000 mark at the end of 2025.  

Here are some of the other key trades for Ark on Friday:

• The New York-based investment firm snapped up 5,303 shares in Disney — estimated to be worth a little less than $1 million.

Bought 228,082 shares — estimated to be worth about $9.66 million — in Robinhood Markets Inc (HOOD)

• Bought 74,087 shares — estimated to be worth about $4 million — in UiPath Inc (PATH).