Cathie Wood is one of Tesla (TSLA) -) and CEO Elon Musk's biggest boosters on social media, but her ARK Investment exchange-traded funds is pouring money into one of his biggest rivals.
The ARK Next Generation Internet ETF (ARKW) -) sold 28,267 shares of Tesla, valued at nearly $8 million on Wednesday. That sale came after ARK Innovation ETF (ARKK) -) sold 25,806 Tesla shares on Monday.
DON'T MISS: Meta Stock Higher As 'Twitter Killer' App Threads See Huge Signup Surge
Meanwhile on Monday, ARK Next Generation purchased 5,486 shares of Meta Platforms (META) -) valued at $1.61 million.
Wood's Ark Invest firm has been hedging its bets this week, selling another favorite, Nvidia (NVDA) -), selling 6,489 shares of the chipmaker, according to valued at $2.745 million based on the stock's Wednesday closing price of $423.17.
Meanwhile Ark Autonomous Technology & Robotics ETF (ARKQ) -) purchased 24,066shares of rival chipmaker Advanced Micro Devices (AMD) -) at a value of $2.742 million.
Tesla is Ark's top holding, representing more than 12% of the portfolio.
While Meta isn't a direct competitor of Tesla, the social media platform did roll out a new app that is being hailed as the top competitor to Musk's pet project, Twitter.
Threads, a text-based messaging app that has been dubbed a "Twitter Killer" by some analysts, added the 10 million new users as changes on the Twitter platform, introduced earlier this week by Elon Musk, continue to disrupt the site's day-to-day activities.
Meta CEO Mark Zuckerberg took the launch of Threads as an opportunity to troll Musk using his favorite medium: memes.
— Mark Zuckerberg (@finkd) July 6, 2023
Many people have criticized Meta, formerly known as Facebook, of copying from its competitors and Zuckerberg seems to be leaning into the criticism with his meme choice. He seems to be learning how to be an effective troll from his counterpart Musk.
“There should be a public conversations app with 1 billion-plus people on it,” Meta CEO Mark Zuckerberg said in his first series of posts on the platform. “Twitter has had the opportunity to do this but hasn’t nailed it. Hopefully we will.”
