Cathie Wood’s ARK funds sell nearly $100 million worth of Tesla stock after earnings

Cathie Wood’s ARK Invest sold nearly $100 million worth of Tesla TSLA, +3.23% shares after the electric vehicle maker’s well-received first-quarter results. The flagship ARK Innovation ETF ARKK, -4.97% sold $70 million worth of Tesla stock. Tesla is still the top holding of the ARK Innovation ETF, representing some 10% of the portfolio, and it’s also the top holding of both the ARK Next Generation Internet ETF ARKW, -4.44% and the ARK Autonomous Technology & Robotics ETF ARKQ, -3.20%. Meanwhile, multiple ARK funds boosted their holdings in Shopify SHOP, -8.38% by $34 million, which slumped 8% after a report it may buy Deliverr, and the Innovation ETF bought $21 million of shares in Roku ROKU, -9.14%, which has struggled in the wake of Netflix’s disappointing subscriber numbers.