Tesla's stock is experiencing downward pressure due to a combination of strategic divestments by major investors and market reactions to recent developments. Notably, ARK Investment Management, led by Cathie Wood, has reduced its holdings in Tesla by selling 14,016 shares, valued at over $6 million. This move is part of a broader strategy to recalibrate their portfolio, focusing more on emerging sectors like biotechnology. Additionally, hedge fund billionaire Philippe Laffont has also been reducing his position in Tesla throughout 2024, signaling a cautious stance towards the stock despite its potential catalysts, such as the launch of a more affordable vehicle and a ride-hailing service next year.
The Graniteshares 2x Long TSLA Daily ETF (TSLR) is down 9.19% in pre-market hours on Friday, December 20, falling to $46.54 as of 6:01 AM ET.