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.