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Cathie Wood's ARK Dumps $66 Million of Tesla Shares for More Stocks of Robinhood Crypto Platform

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Wed, 09/15/2021 - 13:46
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Yuri Molchan
Bitcoin and Ethereum believer Cathie Wood's fund has sold Tesla shares to buy more stocks of the Robinhood trading app
Cathie Wood's ARK Dumps $66 Million of Tesla Shares for More Stocks of Robinhood Crypto Platform
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As reported by Bloomberg, Ark Investment's exchange-traded funds have dumped approximately $66 million worth of Tesla shares (89,000 shares) in order to grab more stocks of Robinhood—a trading app that works with stocks and cryptocurrencies.

So far, Ark Investment has sold $200 million worth of Tesla's stocks this month. After selling the shares of the e-car giant, Cathie Wood's fund added $10 million worth of Robinhood (over 236,000) shares that continue to trade in a downtrend after dropping 43% from the high at the start of August.

So far, Ark's ETFs have added around 390,000 Robinhood shares in September.

In the past five months, Ark sold more than a million Tesla shares. However, the shares of the giant run by Elon Musk remain the fund's largest holding of over $4 billion worth.

Part of Ark's investment strategy is to sell its highly evaluated holdings in order to invest in other companies.

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Earlier, Cathie Wood made a prediction that, by 2025, Tesla shares would be worth $3,000. She has also recently stated that she expects Bitcoin to rise to more than $500,000 within the next five years and said that Ark's confidence in Ethereum has gone up significantly.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.