ARK Invest continues to buy Tesla shares for the second week in a row, taking advantage of the decline in their value. The ARK Autonomous Technology & Robotics ETF has acquired over 27,000 shares of the manufacturer for an estimated value of over $4 million.
ARK Invest, led by Cathie Wood, bought more Tesla shares. Its ARK Autonomous Technology & Robotics ETF (ARKQ) continued to add to its portfolio for the second week in a row, taking advantage of the decline in value, which fell below $150 per share on Monday. ARKQ has acquired over 27,000 Tesla shares for an estimated value of over $4 million. Tesla is ARKQ's largest holding with a weight of 8.56%.
On Friday, ARK Invest's flagship ARK Innovation ETF (ARKK) added 31,018 Tesla shares. The total purchase price is estimated at $4.66 million, based on a closing price of $150.23 Friday. ARK Invest has been loading the portfolio with Tesla stock since past Wednesday. Last week, Wood's cumulative purchase of Tesla shares totaled 111,842 shares, worth $17.42 million.
Tesla shares continue to see a decline in value due to the Federal Reserve's aggressive monetary policy to fight inflation. In addition, investors continue to show concern about Elon Musk's purchase of Twitter, which affects their Tesla evaluation. However, Wood's funds are taking advantage of this situation to restock their portfolios, as Wood's view of the manufacturer is bullish.
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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.