less Tesla, more General Motors By Benzinga France


© Reuters. Cathie Wood: less Tesla, more General Motors

Monday, Ark Investment Managementthe company headed by Cathie Woodbought shares for the first time General Motors Co. (NYSE:).

This first investment in the Detroit-based automaker comes a month after the Irish-American entrepreneur openly declared her interest in the firm.

Wood, 66, an early supporter of Tesla Inc. (NASDAQ:NASDAQ:), acquired 158,187 GM shares, valued at $6.05 million, through its exchange-traded fund Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).

The title of the historic automobile house closed down 3.34% at 38.26 dollars on Monday, recording -37.5% compared to May 9, 2021.

In April, the businesswoman said she was impressed by the accent that the CEO of GM, Mary Barrahad put on Cruisethe company’s self-driving unit, added, however, that Ark has “more confidence” in Tesla on this matter.

Just a few months ago, Wood, who manages assets worth $50 billion, claimed that traditional automakers don’t have the genes to succeed in the world of electric vehicles.

The well-known investment company has also accumulated stakes in Chinese electric vehicle manufacturers, such as Nio Inc. (NYSE: NIO), Xpeng Inc. (NYSE:NYSE:) and BYD Co (OTC:BYDDY).

Interestingly, the St. Petersburg, Fla.-based firm sold 41,754 Tesla shares worth $32.8 million on Monday, as the stock closed down 9.07% at $787.1. Before this transaction, she held 1.29 million shares in the world leader in EVs, which were worth $1.11 billion.

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