Cathie Wood's ARK Investment Management reduced its Tesla stake last week despite the company’s upcoming robo-taxi launch in June, according to Barron's. The ARK Innovation ETF sold 49,705 Tesla shares last week, worth about $17 million, according to the firm’s daily trade disclosures. The stock sales occurred as the company prepares to launch its robo-taxi service using self-driving CyberCab vehicles in Austin this month. Elon Musk previously stated Tesla aimed to begin autonomous rides in June and recently noted successful testing of self-driving Model Ys with no incidents. Elon Musk told CNBC that Tesla plans to deploy about 10 robo-taxi Model Ys in the first week, potentially scaling to 1,000 within a few months. He added the service will be geo-fenced to avoid areas considered unsafe. Cathie Wood remains bullish on Tesla due to her confidence in the company’s future leadership in the robo-taxi market, with ARK Invest setting a 2029 price target of $2,600. Tesla remains the largest holding in the ARKK fund at nearly 13% as of Monday, despite recent share sales. In April, Cathie Wood told Barron’s she remained optimistic about Tesla despite weaker sales and stock declines, partly due to Elon Musk’s ties to the Trump administration. Tesla stock fell 1.3% on Monday, the first trading day of June, following a 23% gain in May.
