Tesla shares continue to decline in value after the release of third-quarter production/delivery data. Cathie Wood's funds again took advantage of the fall to buy more shares worth $13.7 million.
Cathie Wood's ARK Innovation ETF, owned by investment firm ARK Investment Management, bought 66,190 Tesla shares for a total of $13.7 million Thursday. This was the second purchase of Tesla shares for its funds since mid-June. The first purchase took place on October 3, when the Wood’s funds bought more than 130,000 shares.
Wood continues to buy Tesla shares as they continue to experience a decline in value after the company announced its Q3 sales results. In 2022, the manufacturer faced many macroeconomic headwinds, like the rest of the auto industry, but performed better than its competitors. The production shutdown at Giga Shanghai due to COVID-19 in Q2 2022, as well as the factory upgrades during the summer—which also required the shutdown of production lines—had a serious impact on the performance.
Tesla was the only stock that ARK Investment Management LLC bought on Thursday. Meanwhile, ARK funds sold Nvidia Corp., Crispr Therapeutics AG, and some other gene-editing bets.
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