Cathie Wood Sells Tesla As Musk Vs. Zuckerberg Goes GladiatorZuckerberg

Cathie Wood and her Ark Invest firm continued selling their Tesla (TSLA) stock holdings, unloading more than 76,000 shares Thursday. Meanwhile, Elon Musk announced Friday new details about his proposed cage match fight with Meta (META) chief Mark Zuckerberg.


Cathie Wood’s ARK Investment Management sold 76,425 shares of Tesla Thursday for about $18.75 million, based on TSLA closing price of 245.34, according to the company’s daily trade disclosure.

Wood’s ARK Innovation ETF (ARKK) and ARK Autonomous Technology and Robotics ETF (ARKQ) both sold Tesla stock on Thursday.

As of Aug. 11, Tesla remains the top holding in the ARK Innovation ETF with a 10.67% weight. Tesla also ranks first for ARK Autonomous Technology and Robotics ETF, with a 12.98% weight. The EV giant is fifth in the ARK Next Generation Internet ETF (ARKW), at  6.27% weight.

Tesla stock shed 2.5% to 239.37 Friday market trade. On Thursday, TSLA gained 1.3% to  245.34.

Cathie Wood Still Bullish On TSLA

Wood has been locking in profit on Tesla stock since mid-June and the total number of shares sold since June 12, including Thursday’s sale, amounted to 883,816.

Ahead of Tesla’s second-quarter earnings on July 19, Cathie Wood sold tranches of her firm’s Tesla stock holdings in consecutive sessions, unloading more than 73,000 shares. Following the EV company’s Q2 results,  TSLA tumbled 9.7%, falling below the 21-day exponential moving average and giving up July gains.

On Aug. 8, the stock cut below its 50-day level of support for the first time since mid-May.

Despite Wood’s recent profit taking, she remains bullish on Tesla. ARK Investment Management predicts Tesla will reach a $2,000 per share price in 2027 and sales between 10.3 million and 20.7 million.

Musk, Zuckerberg Set To Go Gladiator

Early Friday, Elon Musk said on X, formerly known as Twitter, that he had spoken with Italy’s Prime Minister Giorgia Meloni about holding the fight there.

“They have agreed on an epic location,” Musk posted.

The Tesla chief executive added that the fight will be managed by “my and Zuck’s foundations (not UFC).”

This comes after UFC President Dana White said on a podcast Thursday the proposed cage fight between Elon Musk and Mark Zuckerberg was “real.”

“They do want to fight,” White said. “We were talking about the Colosseum for that fight and I actually did have a meeting with the Minister of Culture’s team in Italy to actually hold that fight in the Colosseum if it would happen.”

Musk added Friday the fight will be livestreamed on X as well as on Meta.

“Everything in frame will be ancient Rome, so nothing modern at all,” he posted Friday.

Musk started the rumors around himself and Zuckerberg squaring off in the ring in June when he posted on X he was “up for a cage match if he is.” The spat came about as Meta launched Threads, its alternative to X.

Zuckerberg responded, writing, “Send Me Location,” in an Instagram story. Since then, the two billionaires have traded social media salvos.

Cathie Wood: Tesla Stock

TSLA stock has an official cup-with-handle buy point of 299.29 on a deep consolidation going back to last September. The handle is deeper than the preferred maximum of 12%-15%.

Tesla stock has dropped around 18% since Q2 earnings on July 19. In August, TSLA is down more than 8% in August, following a three-month rally.

On Aug. 7, Tesla stock fell as low as 242.76 on news that Tesla’s CFO had stepped down, closing below its 50-day line for the first time since May.

Tesla stock ranks third in IBD’s automaker industry group. It has a 98 Composite Rating 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 @KitNorton for more coverage.


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