Image: Lauren Justice
Cathie Wood's ARK Invest continues to load tens of thousands of Tesla shares into its portfolio, taking advantage of its unique drop in price. On Tuesday, the fund bought an additional more than 25,000 shares.
One of Cathie Wood’s actively managed flagship ETFs bought another 25,147 Tesla shares on Tuesday, according to a filing by ARK Invest, as Tesla shares fell more than 11%. During the last weeks of December, ARK Innovation ETF has bought Tesla shares each week. In total, the ARK Innovation ETF has bought 152,741 Tesla shares since Dec. 14. During October and November, the ARK Innovation ETF purchased 108,407 Tesla shares. Other flagship funds of ARK Invest have also made purchases, and since October, in total, ARK Investment Management funds have already bought more than 547,000 Tesla shares, including the purchase on Tuesday.
The ARK Innovation ETF sold a total of 147,569 Tesla shares in late July and early September, when Tesla shares were at least double their current price level. Thus, at the moment, the fund has bought back the previously sold shares of the manufacturer. At the same time, most of Tesla's shares have been permanently owned by the ARK Innovation ETF and have not yet been traded. According to information on ARK’s website, Tesla shares in the ARK Innovation ETF currently hold the fifth largest position.
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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.