Cathie Wood’s ARK Invest Sold Tesla Stock. Bulls Shouldn’t Worry.
Disruption-stock guru Cathie Wood has become an important voice for bullish Tesla investors, so when her ETF, ARK Innovation, buys or sells the shares, it is news. The risk for investors is overreacting.Closely following what is going in a favorite stock is a good idea. Responding to all the daily data points is less so.Wood’s ARK Innovation ETF sold more than $200 million in Tesla stock in recent days, based on data compiled from Bloomberg.Big sales are potentially alarming for bulls, but ARK’
$Tesla Motors$ rose nearly 5% in morning trading.Elon Musk confirms Tesla AI Day will be on August 19.In addition ,Last Thursday, Benzinga Proalerted its users Tesla hadfiled a patentthat would allow it to recover and recycle nickel and cobalt from old lithium-ion EV batteries.The patent, titled “Metal Sulfate Manufacturing System via Electrochemical Dissolution,” would allow the EV and technology company to recover the two crucial raw battery metals and reuse them making its supply chain more