Money Tree Sister's 'Godly Move'...Cash Out as Tesla Soars

 Cathie Wood, the CEO of ARK Investment Management, known as 'Money Tree Sister' in Korea, has reportedly taken profits by selling Tesla shares she bought at low prices.

According to MarketWatch on the 3rd (local time), Cathie Wood sold 56,425 Tesla shares from her flagship fund, the ARK Innovation ETF (ARKK), the previous day.

This sale amounts to approximately $13 million (about 18.0375 billion KRW) based on Tesla's closing price.

Tesla's stock price has surged more than 70% since closing at a 15-month low of $142.05 on April 22 (local time).

Coincidentally, Cathie Wood's last sale of Tesla shares was reportedly on April 23, the day after Tesla hit its low.

MarketWatch notes that this sale is merely a realization of profits and does not signify a strategic shift. Cathie Wood has consistently followed a strategy of reducing holdings when prices rise and buying more when prices fall.

Tesla remains the largest holding in Cathie Wood's ARKK ETF, making up about 14.6% of the portfolio. This recent sale of Tesla shares is her first in about nine months since October 18.

Tesla has been on a seven-day winning streak since June 25 (local time). Buoyed by expectations of a delivery surprise in the second quarter, Tesla shares surged 6% and 10% on the 1st and 2nd, respectively, and continued the rally by rising more than 6% on this day.

Tesla closed the day up 6.54% at $246.39.

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