Cathie Wood’s ARK funds sell nearly $ 100 million worth of Tesla stock after earnings

Cathie Wood’s ARK Invest sold nearly $ 100 million worth of Tesla TSLA,
+ 3.23%
shares after the electric vehicle maker’s well-received first-quarter results. The flagship ARK Innovation ETF ARKK,
-4.97%
sold $ 70 million worth of Tesla stock. Tesla is still the top holding of the ARK Innovation ETF, representing some 10% of the portfolio, and it’s also the top holding of both the ARK Next Generation Internet ETF ARKW,
-4.44%
and the ARK Autonomous Technology & Robotics ETF ARKQ,
-3.20%.
Meanwhile, multiple ARK funds boosted their holdings in Shopify SHOP,
-8.38%
by $ 34 million, which slumped 8% after a report it may buy Deliverr, and the Innovation ETF bought $ 21 million of shares in Roku ROKU,
-9.14%,
which has struggled in the wake of Netflix’s disappointing subscriber numbers.

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