Image: Cathie Wood /Twitter
Cathie Wood, the founder of ARK Investment Management, once again took advantage of Tesla's price decline to replenish its shares in the company. Funds managed by ARK have purchased more than $11 million worth of Tesla shares, based on Wednesday's closing price.
Cathie Wood is a longtime Tesla bull and does not miss an opportunity to restock shares on the decline in their value, which has continued in recent months. On Wednesday, its funds purchased nearly 75,000 shares of the company in three of its actively managed exchange-traded funds. Wood bought TSLA stock as it ended the trading day at its lowest level in over two years.
Trading closed at $156.80 per share, the lowest close since November 17, 2020. While some retail investors and investment funds continue to panic, investors who are more confident in the company continue to take a rare in recent years opportunity to buy Tesla shares at a very low price in order to make extra profits later.
In total, Wood funds bought 74,862 Tesla shares through the ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF, and ARK Next Generation Internet ETF. According to the trading records of ARK Invest ARKK purchased 61,537 shares, ARKQ purchased 10,066 shares and ARKW bought 3,259 shares.
In mid-November, ARK bought more than 3,800 Tesla shares for an estimated value of over $700,000.
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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.