https://wccftech.com/cathie-wood-sells-close-to-100-million-of-tesla-tsla-shares-after-price-drop/

Catherine Wood's Ark Investment Management LLC, commonly known as Ark Invest, sold close to $100 million worth of Tesla, Inc's shares yesterday according to its website. Ark Invest is one of Tesla's biggest investors, and Ms. Wood's optimism for the company is well known throughout the financial sector. Tesla, led by billionaire Elon Musk, saw its shares soar to record high prices last week after rental car provider Hertz announced that it would procure 100,000 Tesla vehicles by the end of next year. However, the share price dropped yesterday after Mr. Musk clarified late Monday on the social media platform that Tesla and Hertz are yet to sign a contract, and Ms. Wood's sell off seems to follow the subsequent price decrease.

Ark's investment in Tesla is part of the firm's ARKK Ark Innovation exchange traded fund (ETF) which invests in technology companies such as Zoom, Square, Coinbase and Roku. Out of the 45 companies that are part of this fund, Tesla is one of the few companies that manufactures physical products, with the others focusing on software-based services.