Elon Musk’s Tesla (NASDAQ: TSLA) took precedence over ROKU (NASDAQ: ROKU) in Cathie Wood’s flagship ARK Innovation ETF (NYSEARCA:ARKK). Notorious disruptor-focused investor no longer has TSLA as principal holding company, a position he has held since 2017.
As of Thursday’s close, ARKK’s records show the fund has an 8.38% weighting in ROKU and 8.21% in TSLA. ROKU shares in ARKK now have a market value of $716.5 million compared to TSLA, which has a market value of $701.9 million.
Wood and ARK Invest have slowly sold shares of TSLA over the past year. According to Bloomberg According to the data, ARKK owned nearly 1.59 million shares of TSLA at the end of March, up from about 5.79 million shares it held a year earlier.
After suffering a major downturn for most of 2022, ARKK recently experienced a pop. ETF increased 20% since May 12, when it hit a 26-month low.
While ARKK has gained ground over the past week, the fund is still down significantly over the year. In 2022, ARKK plunged 56.3% due in part to its major holdings ROKU and TSLA. ROKU since the beginning of the year has collapsed 58.9% and TSLA fell by 41.8%.
Daily Price Action: ARKK -3%ROKU -3%and TSLA -6%.
In related news, as Musk’s electric vehicle giant got the ESG Index boot from the S&P 500, Wood responded with a short, sweet message via Twitter: “Ridiculous. Deserves no further response.”