ARK Invest adds Tesla, buys Snowflake and trims Roku

Cathie Wood’s ARK Invest disclosed Thursday that its exchange-traded funds bought 54,815 Tesla shares and 149,700 Snowflake shares while selling 721,279 Roku shares, according to daily trading filings. The trades were recorded across ARK’s technology-focused ETFs.

The Tesla purchases, valued at about $21.9 million, were split between the ARK Innovation ETF and the ARK Next Generation Internet ETF. Tesla accounts for 9.7% of the ARK Innovation ETF and 8.6% of the ARK Next Generation Internet ETF, making it one of the largest positions in those funds.

ARK acquired roughly 149,700 Snowflake shares for about $34.8 million and added shares of Eli Lilly. The firm reduced holdings in several medical and biotech companies, including Strata Critical Medical and Twist Bioscience.

ARK’s largest single-day sale was 721,279 Roku shares, worth about $99.6 million. Those sales followed earlier transactions this week that totaled more than $93 million and a separate sale of 239,267 Roku shares on Wednesday. The filings show the transactions reduced ARK’s stakes in streaming and media-related businesses.

The trades came after SpaceX’s market debut and recent activity tied to Elon Musk. By June 12, ARK reported holding about 3.29 million SpaceX shares across several ETFs. Public filings show Musk exercised options linked to roughly 303.96 million shares at a $23.34 strike price and surrendered 17.53 million shares to cover an estimated $7.09 billion tax bill. SpaceX shares gave up some early gains after rising as much as 67% above the $135 offering price.

ARK has described Tesla and SpaceX as investments tied to disruptive technologies rather than traditional businesses. In the firm’s Innovation Newsletter, ARK Chief Futurist Brett Winton wrote that SpaceX could monetize orbital computing infrastructure as it advances in artificial intelligence. ARK’s research projects Tesla shares could reach $2,600 by 2029.

The daily filings detail purchases and sales across ARK’s active funds and show the firm reallocating capital into companies that provide hardware, software and services used for artificial intelligence and large-scale data workloads while trimming positions in media-related firms.