BlackRock's Rieder sold some Tesla time to take chips off in some high-fliers - CNBC

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BlackRock's Rick Rieder said he sold Tesla shares at around $1,000, and the stock's rapid surge is a sign of market froth.

"I think it's a barometer for the speculation you're seeing in some of these high fliers. Some of this retail trading activity you're seeing in some of these names is extraordinary," said Rieder, chief investment officer of global fixed income and head of the global allocation investment team in multi-asset strategies.

Rieder, appearing on Squawk Box, said momentum has overtaken valuation in some parts of the market.

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BlackRock's Rieder sold some Tesla time to take chips off in some high-fliers - CNBC
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