Cathie Wood Sells Tesla Stock As Chinese Rivals Gain Ground — Ark Dumps Palantir Amid Privacy Concerns

On Monday, Cathie Wood-led Ark Invest made significant trades, notably offloading shares of Tesla Inc. (NASDAQ:TSLA) and Palantir Technologies Inc. (NASDAQ:PLTR).

The Tesla Trade: Ark Invest sold 1,594 shares of the Elon Musk-led company. For the day, Tesla shares closed at $342.69, making the trade, carried out through the ARK Innovation ETF (BATS:ARKK), worth $546,247.

This move comes as Tesla faces stiff competition from Chinese electric vehicle rivals, which reported strong delivery numbers for May. Tesla’s competitors, including BYD, Li Auto, Nio, and Xpeng, saw sales growth in China last month, putting pressure on Tesla’s market position.

The PLTR Trade: Ark Invest also offloaded 17,467 shares of Palantir Technologies. This decision comes amidst concerns over privacy and potential misuse of personal data. As reported by Benzinga, the Trump administration has been discreetly working with Palantir to gather personal data of American citizens from various federal agencies. Despite these concerns, former hedge fund manager Martin Shkreli expressed bullish views on Palantir but cautioned investors about the stock's inherent volatility in an interview.

The Ark trade was made through ARKK. On Tuesday, Palantir stock closed at $132.04. The sale of shares was worth $2.31 million.

Other Key Trades:

• Ark Invest purchased 25,447 shares of eToro Group Ltd. (ETOR).
• Ark Invest bought 51,903 shares of Illumina Inc. (ILMN).
• Ark Invest sold 278,792 shares of Adaptive Biotechnologies Corp. (ADPT).
• Ark Invest bought 335,140 shares of 10X Genomics Inc. (TXG) through multiple ETFs.
• Ark Invest sold 55,419 shares of Roblox Corp. (RBLX).

Benzinga's Edge Stock Rankings indicate that Tesla scores high on Momentum, Growth, Quality And Value. Find out how Palantir compares.

Photo Courtesy: ChrisStock82 on Shutterstock.com

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal