Photo: Cathie Wood
ARK’s Cathie Wood continues to buy Tesla shares, taking advantage of the decline in their value in recent days.
As Tesla's stock fell into turbulent times and continued to decline, ARK’s Cathie Wood took advantage of the situation to strengthen her funds’ portfolios. According to the data, three of her funds were filled with thousands of shares of the Texas manufacturer, in line with Wood's investment philosophy. It has also bought additional shares in other tech companies that are in decline.
A lot of times when Tesla's stock has fallen, Wood has taken the opportunity to buy more. At the end of October, she doubled down on Tesla, taking advantage of the decline in their value after the announcement of Q3 2022 results. In November, the founder of ARK Invest followed the same pattern. Her ARK Innovation ETF bought 27,594 shares, the ARK Autonomous Technology & Robotics ETF added 9,173 shares, and the ARK Next Generation Internet ETF bought 2,909 shares.
Tesla is now the main holding for the ARK Autonomous Technology & Robotics ETF. In ARK Innovation ETF and ARK Next Generation Internet ETF, it is the second largest holding after Zoom.
The purchase of Tesla shares shows that Wood is maintaining her bullish stance on the manufacturer, despite the concerns that analysts have expressed about Elon Musk's purchase of Twitter. In late October, she outlined Tesla's 10x potential if the company could build a more affordable electric car. The fact that Wood is now doubling down on the stock underlines that she firmly believes in this potential.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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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.