Cathie Wood’s ARK Invest made some significant moves in its portfolio recently, selling off chunks of several companies to buy big into one tech giant.
Selling Spree
Over a couple of days in early July, ARK Invest offloaded millions of dollars worth of stock in various companies. This included:
- Coinbase (COIN): $6.3 million
- Robinhood: $5.6 million
- Roku (ROKU): $8.5 million
- Archer Aviation (ARCHR): $1.8 million
- Square (XYC): $8.3 million
Tesla Takes the Spotlight
The big winner from these sales? Tesla (TSLA). ARK Invest poured a massive $14.2 million into Tesla stock. This move is interesting, considering that before this purchase, Coinbase was ARK’s largest holding, followed closely by Tesla. Roku and Robinhood also held significant positions in the portfolio.
Wood’s Bullish Outlook
ARK CEO Cathie Wood remains optimistic about the market. She recently stated that she believes the market is entering a strong bull run and predicts an economic recovery as interest rates decrease. Wood sees the current market volatility as a sign of strength, suggesting the market is overcoming challenges to reach a more sustainable growth phase.
Disclaimer: This information is for general knowledge and shouldn’t be considered financial advice. Always do your own research before making investment decisions./p>