ARK Investment Management, led by growth investor Cathie Wood, trimmed its holding in Tesla stock last week even as the electric-vehicle company is expected to roll out its robo-taxi service in June. 

Wood’s ARK Innovation ETF (ARKK) sold 27,377 shares of Tesla last Tuesday, 15,817 shares on Wednesday, and another 6,511 shares on Friday, according to the company’s disclosures of its daily trades. That is a total sale of nearly 50,000 shares for an estimated $17 million.

Tesla stock declined 1.1% to $342.69 on Monday—the first trading day in June—after gaining 23% in May.

ARK didn’t immediately respond to a request for comment.

ARK’s trades came as Tesla prepares to launch its robo-taxi service—on-demand rides using its self-driving CyberCab vehicles—in Austin this month. On an April call to discuss Tesla’s first-quarter earnings, CEO Elon Musk said the company expected to be selling fully autonomous rides in Austin in June, but didn’t give an exact date. Last week, Musk wrote on X that Tesla has been testing self-driving Model Ys in Austin with no incidents.

Speaking with CNBC recently, the CEO said that there will be about 10 robo-taxi Model Ys in the first week, and that the number could grow to 1,000 units in a few months. The service will be geo-fenced, said Musk, which means the cars will avoid certain areas if the company deems it unsafe.

A Bloomberg report citing a person familiar with the matter said the launch will be on June 12.

Wood has long been a bull for Tesla stock, mainly because of her optimism about the electric vehicle company’s future dominance in the robo-taxi business. ARK Invest has a price target of $2,600 for Tesla stock by 2029. Despite the recent sales, Tesla is the top holding in the ARKK fund, with a nearly 13% weighting as of Monday.

In a conversation with Barron’s in April, Wood said she was still positive about the stock despite Tesla’s weaker sales and year-to-date declines in the share price at the time, partially because of Musk’s political involvement with the Trump administration. At their lowest point in 2025, shares had lost more than 35% year to date. 

The launch of the robo-taxi service would help consumers avoid the large upfront cost of buying a car, Wood told Barron’s at the time. “People can pay for rides as they go, as they’re doing with Uber and Lyft today, just at much cheaper prices without the costs of a human driver,” she said.

Last week, Musk officially left his role within the Trump administration, which has damaged the Tesla brand and sales over the past few months. News that the CEO planned to refocus on Tesla and his other businesses has helped to lift the stock in recent weeks.

Two weeks ago, Wedbush Securities analyst Dan Ives raised his price target for Tesla shares from $350 to $500, calling Tesla, which uses artificial intelligence to train its robo-taxis, an undervalued AI play.