Cathie Wood’s Ark Buys GM Shares, Trims Tesla Stake

Cathie Wood-led Ark Investment decision Administration on Monday scooped up shares in Common Motors Co GM, the income management firm’s 1st-ever purchase in a Detroit-dependent automaker.

The stake buy also will come a month just after Wood reported she experienced an open mind on the legacy automaker.

The 66-12 months-aged Wooden, a effectively-known Tesla Inc TSLA bull, bought 158,187 shares in GM, approximated to be well worth $6.05 million as of its past near, via its Ark Autonomous Technological innovation & Robotics ETF ARKQ.

GM shares closed 3.34% reduced at $38.26 on Monday and are down 37.5% 12 months-to-day.

Wooden previous month claimed she was amazed with GM CEO Mary Barra’s aim on Cruise, the company’s self-driving device, but included that Ark’s confidence in Tesla proceeds to be the “highest” when it arrives to autonomous driving.

Just months in the past, Wooden, who manages belongings value $50 billion, experienced claimed that legacy automakers did not have the genes to make it big in the EV universe. 

Wood has also been piling up Chinese EV stocks these as Nio Inc NIO, Xpeng Inc XPEV, and BYD Co BYDDY.  

Interestingly, Ark Make investments offered additional shares in Tesla on Monday, when they shut 9.07% reduce at $787.1.

The St Petersburg, Florida-based mostly agency sold 41,754 shares in Tesla value $32.8 million on Monday. It held 1.29 million shares, worth $1.11 billion in Tesla, before that.