Image: Will Crooks
Cathie Wood continues to add Tesla stock to her funds’ portfolios. Friday's purchase added more than 58,000 shares worth $6.56 million.
Tesla shares are down more than 8% this week amid worries about reduced demand and margins. However, this does not bother long-term investors who see the huge potential of a company that is a leader in the industry. Cathie Wood’s ARK Invest continues to buy hundreds of thousands of shares of the manufacturer, taking advantage of the unique decline in their value.
Flagship ETF ARK Invest (ARKK) added 24,506 Tesla shares on Friday. The ARK Autonomous Technology & Robotics ETF (ARCC) added 33,538 shares. ARK’s cumulative purchase of Tesla on January 6 was 58,044 shares worth $6.56 million.
Wood bought Tesla shares during three of the four sessions of the week. In total, this week ARK bought 255,206 Tesla shares worth $27.99 million. On Wednesday, ARKK and ARKQ together added 21,050 shares worth $2.39 million. Both exchange-traded funds bought a total of 176,112 Tesla shares on Tuesday, worth $19.04 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.