Cathie Wood’s ARK Invest snapped up nearly $12,000,000 of Tesla Stock after Musk’s Sell-Off

Cathie Wood’s Ark Innovation ETF is in decline since 2022. David Swanson/Reuters
Cathie Wood’s ARK Invest purchased Tesla stock worth nearly $12 million on Wednesday. This follows the sale of shares worth $3.6 billion by Elon Musk, chief executive. The third-largest stock in the firm’s portfolio is Tesla.

Cathie Wood and ARK Invest seized Tesla stock worth nearly $12 million late Wednesday. The stock was suffering from a string of recent losses. Also, news broke that Elon Musk had sold $3.6 billion worth shares in a three-day period.

ARK bought 74,862 shares Wednesday. This was spread across three accounts. The share price paid by the firm was $156.80, which is the lowest in two years. ARK purchased the shares through its ARK Innovation ETF and the ARK Autonomous Tech & Robotics ETF.

According to regulatory filings, Tesla chief executive Elon Musk sold almost 22 million shares in a three-day period that ended December 14. Musk has been criticised by investors for diverting too much attention from Tesla’s flagship electric vehicle maker to Twitter, which he bought in October. Tesla shares are expected to fall by 55% by 2022.

Wood is still a strong supporter of Musk’s vision and believes that he will bring full autonomy to Tesla cars by 2024.

Business Insider has the original article.
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By: bevans@insider.com (Brian Evans)
Title: Cathie Wood’s ARK Invest bought the dip on nearly $12 million of Tesla stock on the heels of Musk’s sell-off
Sourced From: www.businessinsider.com/cathie-wood-buys-tesla-dip-ark-invest-elon-musk-arkk-2022-12
Published Date: Thu, 15 Dec 2022 14:03:58 +0000