TECH - Cathie Wood's Ark Invest Doubles Down On Tesla Despite 3.6% Plunge Amid Model 2 Rumors Adds $22M Worth Of Shares | Benzinga
Tesla, Inc. (NASDAQ:TSLA) pulled back over 6% intraday on Friday before recouping some of those losses and yet settled over 3% lower for the day. The downside catalyst was a Reuters report that said the electric-vehicle giant could be pulling the plug on its sub-$30,000 EV, although CEO Elon Musk took to social media to refute the report.
Amid the stock plunge, Cathie Wood’s Ark Invest accumulated another tranche of Tesla shares.
What Happened: Ark through two of its actively-managed exchange-traded funds bought 133,975 Tesla shares valued at $22.09 million (based on the closing price of $164.90). The details of the purchases are as follows:
- Ark Innovation ETF (NYSE:ARKK): 109,206 shares
- Ark Next Generation Internet ETF (NYSE:ARKW): 24,769 shares
Wood is a firm believer in Tesla and Musk and her firm has a $2,000 price target for the stock by 2027. ...