Wood was an earlier supporter of electric vehicle (EV) manufacturer Tesla (TSLA 5.62%), often touting the prospects of autonomous driving and the role artificial intelligence (AI) could play in the company's roadmap before it was fashionable. But recently, Wood has been reducing her stake in Tesla and reinvesting profits in another EV player, Archer Aviation (ACHR 7.30%), which is developing electric air taxis.
Do you think this thing has a future?
Air-taxi maker Archer Aviation (ACHR.N) said on Thursday it has raised $430 million in fresh capital, part of which will be used to develop a hybrid aircraft with defense tech company Anduril Industries.
Existing investors United Airlines (UAL.O) and Stellantis (STLAM.MI) as well as new backers such as Wellington Management and Abu Dhabi investment holding company 2PointZero participated in the fundraising, which was through an equity offering.
Anduril, which was founded by entrepreneur Palmer Luckey, and Archer said the aircraft would target a potential "program of record" — a government approved and authorized acquisition program — from the Pentagon.
The companies did not disclose any details of the vertical takeoff and landing aircraft, including its target entry-into-service date or the investment involved.
Cathie Wood and her Ark Invest firm on Thursday loaded up on Archer Aviation stock and offloaded a small portion of their Tesla holdings. Meanwhile, drone maker Archer Aviation received price target hikes Friday on a new defense partnership and capital raise.
Wood and Ark on Thursday sold 36,600 shares of Tesla stock worth $15.3 million, based on Thursday's closing price of 418.10, according to daily trade updates from the firm. The 34,823 shares unloaded from the ARK Innovation ETF (ARKK) only represented 0.21% of the total ETF. The 1,777 shares offloaded from the ARK Autonomous Technology & Robotics ETF (ARKQ) represented 0.078% of the fund.
Another new high?