ARK Invest is loading up another $1.8 million worth of Tesla (NASDAQ: TSLA) shares on the latest drop. The company continues to buy shares, which may signal an imminent price increase.
ARK Invest Investment Management, led by Cathie Wood, added more Tesla Inc. shares to its portfolio, according to Benzinga's observations. On Monday, ARK Invest bought another 2,800 Tesla shares worth $1.81 million. This purchase was the fifth one this month, which may be a strong enough signal for investors.
ARK began buying Tesla shares late last month as they tumbled due to manufacturing problems in China and uncertainty over Elon Musk's Twitter purchase. In total, the firm purchased 45,003 Tesla shares in May and has so far bought 18,383 shares in June.
For now, production at Giga Shanghai is back to normal and will soon be further increased. Giga Texas and Giga Berlin continue to ramp up production. The issue with Twitter may also be resolved soon. On Monday, it became known that Musk will hold a virtual meeting with platform employees and answer their questions. This became known after, according to unconfirmed information, Twitter agreed to transfer data about users of the social network to the buyer so that he could evaluate the number of spam/bot/fake accounts.
Last week, Tesla also proposed a 3-for-1 share split to triple the number of shares to 6 billion, which would potentially attract new retail investors and could boost their value again.
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 Monday, the three ETFs held 1.3 million Tesla shares worth $910 million.
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