Tesla stock deals another blow to Cathie Wood’s ARKK ETF

Yahoo Finance Live’s Julie Hyman and Brian Sozzi discuss Elon Musk selling additional shares of Tesla.

Video Transcript

JULIE HYMAN: And we have to give you an update on a story that we talked about at the top of the shore-- top of the show. And that has to do with Tesla. We talked about that maybe there would be another filing revealing more share sales on the part of Elon Musk. And indeed, there was. He filed another filing, a Form 4 that he filed with the SEC.

So, indeed, he sold-- he sold. He sold a stake, going down to about 600-- 163 million shares-- excuse me-- from 168 million shares. So he did sell more shares yesterday and then said at the end of the day yesterday that that would be it, right? So this just kind of confirms that he kept on selling through yesterday. And now, as he says, he's done. We'll see, Sozz, if he's actually done, but the shares are behaving as though he's done this morning.

BRIAN SOZZI: Well, it might be a good Friday for Cathie Wood. She's had a tough week, Julie. That Teladoc, which is her third largest holding in that Arkiverse or that Innovation ETF, really, just a terrible session yesterday, stock down 40%. Under pressure again here. Teladoc just not a good week for her. But if Tesla turns around today, maybe she could have a good weekend.