Cathie Wood enters GM as she further cuts Tesla stake

Cathie Wood’s Ark Invest has made its first investment in General Motors GM,
+1.57%,
according to statements made by the company.

The purchase of approximately $6 million for the ETF ARK Autonomous Technology & Robotics ARKQ,
+0.37%
was the largest buy order placed on Monday, such as the ARK Next Generation ETF ARKW,
-0.09%
sold Tesla and flagship Ark Innovation ETF ARKK for around $21 million,
+0.29%
sold some $13 million worth of Tesla stock.

GM is seeking approval from the National Highway Traffic Safety Administration to put a driverless electric vehicle into commercial service.

TeslaTSLA,
+1.27%
is still the first position of stand-alone innovation and technology funds, and the second position of the Internet fund.

The innovation fund has fallen 67% from its June highs.

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