[Asia Economy Reporter Kim Suhwan] Cathie Wood, the founder of Ark Invest who is known as the 'Donnamu Unni' and earned significant profits last year from investing in Tesla, is reportedly continuing to sell Tesla shares.
Bloomberg reported on the 16th (local time) that "Wood's exchange-traded funds (ETFs), ARKK and ARKW, sold 81,600 Tesla shares the previous day," adding, "This means Tesla shares worth $266 million have been sold just this month."
The Tesla shares sold by these ETFs the previous day were worth $62 million (approximately 73 billion KRW).
Bloomberg added, "ARK ETFs have sold a total of 350,000 Tesla shares so far."
The ARK fund has adopted a strategy of selling high-performing stocks or reducing their weight to reinvest in other stocks.
When the ARK fund sold some Tesla shares last year, Wood described it as "wise portfolio management" to adjust positions.
Nonetheless, Tesla is still known to be the stock most held by the ARK fund.
Wood maintains the view that Tesla's stock price could surpass $3,000 by 2025, reaching a market capitalization of $3 trillion.
Tesla's stock price has risen 7.27% this year and closed at $756.99 per share on the Nasdaq on the 16th.
Wood is the founder of the ETF management company Ark Invest, which has aggressively invested in technology stocks including Tesla. In Korea, she is nicknamed 'Donnamu Unni' because her name (Cathie) sounds like 'cash' in Korean.
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