On the eve of the Robotaxi launch, "Wooden Sister" reduces Tesla holdings

As Tesla is about to launch its highly anticipated Robotaxi service, one of its most famous supporters, "Cathie Wood," has quietly reduced her holdings. Public data shows that last week, ARK Investment Management, led by Cathie Wood, reduced its Tesla stock holdings for three consecutive days. The ARKK fund sold 27,377 shares of Tesla on Tuesday, 15,817 shares on Wednesday, and continued to reduce holdings by 6,511 shares on Friday. This series of operations cumulatively reduced nearly 50,000 shares of Tesla stock, valued at approximately $17 million. Although ARK did not immediately respond to this reduction, market sentiment has already been affected. After a 23% increase in May, Tesla's stock price fell more than 1% on Monday, closing at $342.69. It is noteworthy that Wood's reduction occurred on the eve of Tesla's preparation to launch its Robotaxi, which is the core reason she has been bullish on Tesla for a long time. Wall Street Journal previously mentioned that insiders revealed to the media that Tesla plans to launch its Robotaxi service in Austin, Texas, on June 12. Despite the recent reduction, Tesla remains the largest holding in the ARKK fund, accounting for nearly 13% of the portfolio as of Monday. In a media interview in April this year, Wood stated that she still has a positive outlook on Tesla stock, despite Tesla's weak sales at that time, with the stock price down over 35% year-on-year from its low in 2025. Wood also specifically mentioned the Robotaxi service, believing it will help consumers avoid the huge upfront costs of purchasing a car: "People can pay on demand like they do now with Uber and Lyft, just at a cheaper price because there’s no need to pay for a human driver." Previously, ARK Investment Management set a target price of $2,600 for Tesla by 2029, which is about 660% higher than the current stock price.