Cathie Wood buys shares of Elon Musk's TSLA as the stock hit a two-year low
Cathie Wood, CEO and CIO of ARK Invest has been longtime advocate for Tesla (NASDAQ:TSLA) as she picked up more than 70K shares of Elon Musk’s electric vehicle maker across three of her actively managed exchange traded funds on Wednesday. Wood grabbed shares of TSLA as the stock concluded the trading day at its lowest level in more than two years.
TSLA finished trading on Wednesday at $156.80 a share, marking its lowest close since November 17, 2020. Furthermore, in premarket trading the mega cap has slid another 1.9% as it hovers near the $154.25 a share.
Wood and her team moved in on Wednesday and picked up 74,862 shares of Tesla across ARK Innovation ETF (NYSEARCA:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), and the ARK Next Generation Internet ETF (NYSEARCA:ARKW). According to ARK Invest’s trade records ARKK purchased 61,537 shares, ARKQ took in 10,066 shares, and ARKW bought 3,259 shares of the EV giant.
From a holding vantagepoint, ARKK has a 7.09% weighting towards TSLA making the stock the fund’s third largest position with a market value of $505.33M. At the same time, ARKQ has an 8.56% stake in TSLA which classifies the stock as the ETFs top position with a market value of $74.03M. Lastly, ARKW has Musk’s EV firm positioned as the fund’s fourth most significant position with a weighting of 6.40% which equates to a market value of $69.73M.
Thursday’s price action: ARKK -1.8%, ARKQ +0.9%, and ARKW -2.1%.
Year-to-date price action: TSLA -60.8%, ARKK -63.9%, AKQ -44.6%, and ARKW -64.3%.
TSLA remains under pressure as Elon Musk sold another few billion dollars worth of Tesla stock so far this week.