Cathy Wood and Ark Invest continued to sell their products Tesla (TSLA) holdings of shares, dumping more than 76 thousand shares Thursday. Meanwhile, Elon Musk Friday announced new details about his proposed cage match meta (meta) President Mark Zuckerberg.
Cathie Wood’s ARK Investment Management sold 76,425 shares of Tesla Thursday for about $18.75 million, based on a TSLA closing price of 245.34, according to the company’s daily business filing.
As of August 11, Tesla remains the top ARK Innovation ETF with a weight of 10.67%. Tesla also ranks first in the ARK Autonomous Technology and Robotics ETF, with a weight of 12.98%. The EV giant is fifth in ARK Next Generation Internet ETF (ARKW) with a weight of 6.27%.
Tesla stock lost 1.5% to 241.73 in market trading on Friday. On Thursday, the TSLA Index rose 1.3%, to 245.34.
Kathy Wood is still bullish about TSLA
Wood has been holding Tesla’s stock dividend since mid-June, and the total number of shares sold since June 12, including Thursday’s sale, is 883,816.
Ahead of Tesla’s second-quarter earnings on July 19, Cathy Wood sold tranches of her company’s Tesla stock in consecutive sessions, offloading more than 73,000 shares. Following the company’s second-quarter EV results, TSLA fell 9.7%, below the 21-day exponential moving average and giving up July’s gains.
On August 8, the stock cut below the 50-day support level for the first time since mid-May.
Despite Wood’s recent profit-taking, she remains bullish on Tesla. ARK Investment Management expects Tesla to reach $2,000 per share price in 2027 and sales between $10.3 million and $20.7 million.
Musk, Zuckerberg is preparing to go to Gladiator
Early Friday, Elon Musk said on X, formerly Twitter, that he had spoken with Italian Prime Minister Giorgia Meloni about conducting the fight there.
“They agreed on an epic location,” Musk wrote.
The Tesla CEO added that the fight would be run by “my and Zuck’s organizations (not the UFC)”.
This comes after UFC President Dana White said on Thursday’s broadcast that the proposed cage fight between Elon Musk and Mark Zuckerberg was “real.”
“They want to fight,” White said. “We were talking about the Colosseum for that fight and I actually had a meeting with the team of the Minister of Culture in Italy to actually hold that fight in the Colosseum if that happens.”
On Friday, Musk added that the fight will be broadcast live on X as well as on Meta.
“Everything in the picture will be ancient Rome, so nothing modern at all,” he wrote on Friday.
The rumor catcher about himself and Zuckerberg got into the ring in June when he posted on X that he was “ready for a cage match if he was.” The controversy arose when Meta launched Threads, its replacement for X.
Zuckerberg responded, writing, “Send me the location” in an Instagram story. Since then, billionaires have been trading on social media.
Cathy Wood: Tesla Stock
TSLA stock has an official Cup handle buy point of 299.29 in a deep consolidation going back to last September. The handle is deeper than the preferred maximum of 12%-15%.
Tesla stock is down about 18% since its second-quarter earnings on July 19. TSLA stock fell more than 8% in August, after a three-month rally.
On August 7, Tesla stock fell to a low of 242.76 on news that Tesla’s CFO was stepping down, closing below the 50-day line for the first time since May.
Tesla stock ranks third in IBD Automotive Group. It has a composite rating of 98 out of 99. Tesla has a 91 relative strength rating and its EPS rating is 94 out of 99.
Please follow Kit Norton on Twitter @tweet for more coverage.
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