Cathie Wood’s exchange-traded funds offloaded more than 81,600 shares in Tesla on Wednesday, according to ARK Investment’s daily trading update. At closing prices, that puts the value at about $62 million, Bloomberg reports.
The ARK Innovation and ARK Next Generation Internet ETFs have already sold 350,000 Tesla shares in September so far, worth about $266 million, and more than a million Tesla shares in the past five months. Despite the recent dump, Tesla is still their biggest holding, according to data gathered by Bloomberg.
Cathie Wood, investor and the founder, CEO and CIO of Ark Invest, an investment management firm, regularly sells some of ARK’s best performers to invest in other targets, according to Bloomberg. Wood told CNBC last year that the answer lies in Tesla’s volatile trading patterns. When the company cut its stake in the electric automaker last year, Wood told CNBC that not doing so “would not be wise portfolio management.”
Since mid-May, Tesla shares have gained about 34% in the period, Bloomberg noted.
ARK’s other trades on Tuesday include buying 236,000 shares in Robinhood, as well as Zoom Video Communications and Signify Health, according to a separate Bloomberg report. The firm cut back on LendingClub, Bristol-Myers Squibb and Nintendo.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Cathie Wood Has Sold $62 Million Tesla Shares – Should You Sell Too?