Image: John Locher
Cathie Wood's ARK Investment Management continued to strengthen its portfolio with Tesla shares, taking advantage of a rare decline in their value in recent months. The fund loaded thousands more shares totaling about $2.64 million, continuing a series of purchases worth tens of millions of dollars.
ARK Investment Management, led by Cathie Wood, bought more Tesla shares. On Tuesday, its flagship ARK Innovation ETF (ARKK) bought another 19,125 Tesla shares. The purchase was valued at approximately $2.64 million based on Tuesday's closing price. This week, it was the second purchase after Monday's ARK Autonomous Technology & Robotics ETF (ARKQ) bought 27,494 shares worth about $3.8 million. Last week there were also two purchases totaling 111,842 shares, worth $17.42 million.
Ark Investment Management funds purchased more than 445,000 shares of Tesla since Oct. 3, when they started their latest buying streak, according to ARK trading data, as Wood is in a hurry to capitalize on the stock in the future. Tesla shares have fallen 61% since the beginning of the year due to recession fears and Elon Musk's purchase of Twitter. Investors continue to worry, which has a negative impact on the share price.
However, investors such as Wood are once again following their well-defined path to benefit in the future, when the market situation becomes more favorable for the manufacturer's share price to rise. Tesla is demonstrating that Q4 2022 will be as strong as the rest of the year, despite the challenges it faces. Its new factories continue to evolve to meet ever-increasing demand, and the company expands into new markets.
© 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.