Recently, Tesla super bull Cathie Wood from Ark Invest offloaded $205 million TSLA shares. The move comes before Tesla shareholders are expected to vote on a potential stock split.
Ark is transparent with its daily transactions. Recent reports revealed that Ark sold 52,335 TSLA shares last Wednesday, March 23, from two funds, including its flagship Ark Innovation ETF. The 52,335 TSLA shares Ark offloaded were estimated to be worth $57.5 million. Another three Ark funds sold about $147.5 million Tesla shares on Friday, March 25.
Wood sold $200 million Tesla shares and invested in struggling stocks as per Forbes. Ark also sold shares from six other companies, including Vertex Pharmaceuticals and Splunk, amounting to around $21 million. She added to Ark’s positions in Coinbase, buying more than $100 million shares. The Ark Invest CEO also invested more in Roblox, Roku, and Zoom.
Tesla stock has soared lately. As of the last market close, TSLA shares were priced at $1,093. Tesla’s current market cap is $1.134 trillion. Tesla will hold a vote, asking shareholders to authorize additional shares to enable a stock split at the next annual shareholders’ meeting.
“On March 28, 2022, Tesla, Inc. announced its plan to request stockholder approval at the upcoming 2022 Annual Meeting of Stockholders for an increase in the number of authorized shares of common stock through an amendment to the Company’s Amended and Restated Certificate of Incorporation in order to enable a stock split of the Company’s common stock in the form of a stock dividend. Tesla’s Board of Directors has approved the management proposal, but the stock dividend will be contingent on final Board approval.
“The Company’s definitive proxy statement relating to the Annual Meeting will include additional details regarding the Amendment, as well as the record date, date, and location of the Annual Meeting.”
Tesla’s last stock split was initiated in August 2020. It was a 5-for-1 split when Tesla shares were trading at around $1,373, only a few hundred dollars more than the current stock price.