Cathie Wood's Ark Sells $22M Worth of Tesla Shares Following Blockbuster Q3 Rally

Cathie Wood's Ark Invest has sold approximately $22 million worth of Tesla shares after the electric car maker's blockbuster Q3 rally.

The sale represents a small portion of Ark's overall Tesla holdings, which are valued at over $1 billion.

The investment firm sold 56,687 Tesla shares on Thursday and Friday, according to a daily trading update. The sales were made at an average price of $389.06 per share, for a total of $22.1 million.

The sales come as Tesla's stock has rallied sharply in recent weeks, driven by strong demand for its electric vehicles and the company's inclusion in the S&P 500 index.

Tesla's stock has gained over 50% since the beginning of October, and is now trading at around $400 per share. The company's market capitalization has surpassed $400 billion, making it one of the most valuable companies in the world.

Ark Invest is a New York-based investment firm that focuses on disruptive innovation and technology. The firm's flagship fund, the Ark Innovation ETF (ARKK), has outperformed the S&P 500 index by a wide margin in recent years.