Cathie Wood Trims Tesla Stake Ahead of Robotaxi Launch Amidst Market Jitters

In the days leading up to Tesla's anticipated launch of its Robotaxi service, Cathie Wood, one of Tesla’s most prominent supporters, has quietly reduced her stake in the company. Cathie Wood, who heads ARK Investment Management, sold nearly 50,000 Tesla shares last week through her ARKK fund, valued at approximately $17 million.

The moves unfolded over three consecutive days, with 27,377 shares sold on Tuesday, 15,817 on Wednesday, and a further sell-off of 6,511 shares on Friday. Despite the fund not immediately commenting on these transactions, market sentiment has already felt the impact. Following a 23% rise in May, Tesla's stock dipped over 1% on Monday, closing at $342.69.

Interestingly, Wood's decision to sell shares coincides with the upcoming rollout of Tesla's Robotaxi, a cornerstone of her bullish outlook on the company. Tesla is reportedly planning to initiate its Robotaxi service on June 12 in Austin, Texas.

Despite the recent sale activity, Tesla remains the most significant holding in the ARKK Fund, accounting for nearly 13% of its portfolio as of Monday. In April, Wood reiterated her optimistic stance on Tesla shares, even as the company faced weak sales and its stock held over a 35% decrease from its previous low in 2025.

Wood has emphasized the potential of Robotaxi services, which she believes can spare consumers from substantial upfront vehicle costs. "People can pay on-demand, similar to how they use Uber and Lyft, but at a cheaper rate since the cost of human drivers is eliminated," she noted.