Cathie Wood, who has been very bullish on Tesla stock, shocked investors on Tuesday after it emerged she had trimmed her holdings in Elon Musk’s electric vehicle manufacturer to buy stock in legacy rival General Motors.

Yesterday Wood's ARK Invest firm had sold 15,862 shares in Musk’s company, worth about $12.7 million, while buying 158,157 shares in GM for nearly $6.1 million, among other portfolio adjustments.

ARK occasionally has taken profit on Tesla, but last month Kathie Wood's firm included an extremely bullish price target of $4,600 per share for Tesla in 2026—hardly a signal to markets Wood might shift some of her portfolio toward an incumbent like General Motors.

Now she has exchanged some Tesla shares with GM not because of GM's innovation in electric vehicle market, but has included GM shares in her ARK Autonomous Technology and Robotics ETF. "That’s because the Detroit carmaker is at the forefront of robotaxi development thanks to its 80% stake in Cruise," explains Furtune magazine reporter.

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This is Armen Hareyan from Torque News. Please follow us at [ Ссылка ] on Twitter and [ Ссылка ] for daily automotive news.

Reference
Fortune [ Ссылка ]

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