ARK Invest further added to its stake in Tesla (NASDAQ: TSLA), making its seventh purchase this month. The company bought $3.3 million worth of shares in the manufacturer, taking advantage of a rare decline in value.
ARK Invest, led by Cathie Wood, added more Tesla shares to its portfolio on Thursday. This purchase was the seventh time in June, which allowed the firm to significantly increase its share. ARK Invest bought 5,174 TSLA shares for a total of $3.3 million, taking advantage of price cuts that the market does not often offer.
ARK Invest started buying Tesla shares late last month. At that time, they continued to decline against the backdrop of production problems in China. Because of this, deliveries for Q2 2022 will be lower than expected, which had a significant impact on the share price. Another factor was the concerns of some investors about Tesla CEO Elon Musk's deal to buy Twitter.
The data show that ARK bought 45,003 Tesla shares in May. In addition, as of June 16, it bought another 23,857 shares. ARK Invest owns Tesla shares through three of its six actively traded exchange funds: ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF, and ARK Next Generation Internet ETF. Before trading on Thursday, the three ETFs held 1.32 million Tesla shares worth $926.7 million.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.