Woodhead sister sells Tesla again. The stock was predicted to rise another 10 times before
AInvestFriday, Jul 19, 2024 2:20 am ET
1min read
ARKF --
ARKW --
TSLA --

Ark Invest sold 32,199 shares of Tesla stock on Thursday, reducing its stake in the company, despite founder and CEO Cathie Wood recently praising Tesla's potential in the self-driving taxi market and predicting that the stock could rise another 10x.

The firm's Ark Innovation ETF (ARKW) sold the shares at an average price of $249.23 each, worth about $80.2 million.

Wood recently said in a blog interview that as Tesla rolls out its robotaxi business, it will push the stock up about 10x.

Wood said the self-driving taxi ecosystem will be a $800 billion to $10 trillion opportunity, and Tesla could capture up to 50% of that market, she added, emphasizing that “the autonomous taxi platform is the largest artificial intelligence project today.”

This isn’t the first time Ark has sold Tesla stock recently. The firm started selling Tesla shares after the company announced second-quarter delivery numbers beat expectations in early July, and continued to sell a small amount of Tesla stock over the next two trading days before pausing last Monday.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.