Funds related to Cathie Wood’s ARK Invest has dumped $14 million in Tesla shares and another $26 million in Coinbase stock, according to Monday trade disclosures.
The ARK Innovation ETF offloaded 38,329 Tesla shares, as the ARK Next Generation Internet ETF sold another 6,855 shares of the EV maker’s stock.
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At the same time, the ARK Fintech Innovation ETF let go of 76,788 Coinbase shares, the ARK Innovation ETF sold 127,266 shares of the crypto exchange’s stock and the ARK Next Generation Internet ETF sold another 44,784 shares.
ARK Invest did not respond to inquiries from FOX Business.
ARK Invest dumped more Tesla stock a day after the electric-vehicle manufacturer’s first Cybertruck rolled off the assembly line in Austin, Texas.
Tesla CEO Elon Musk announced the electric pickup truck in 2019 at an event that went viral when the vehicle’s designer cracked the truck’s purportedly unbreakable "armor glass" windows during a demonstration.
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Tesla is also under investigation by the National Highway Traffic Safety Administration (NHTSA), which asked Tesla for updated responses in an ongoing probe into the EV maker’s Autopilot system.
Meanwhile, Coinbase has been hit with a string of setbacks including a lawsuit by the Securities and Exchange Commission (SEC) for allegedly operating as an unregistered broker.
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Also on Monday, ARK purchased 455 shares of Meta Platforms for its Next Generation Internet ETF, while the ARK Innovation ETF gobbled up another 3,729 shares of the company, totaling $1.3 million based on Meta’s $310.62 Monday close.
