ZM - Cathie Wood's Ark Invest Snatches Up $4.7M More In Tesla Shares Invests Equally In This Rocket Company | Benzinga
In a notable move on Thursday, Cathie Wood‘s Ark Invest acquired a substantial number of Tesla Inc (NASDAQ:TSLA) shares, valued at approximately $4.7 million. This purchase is part of a series of recent investments in the Elon Musk-led company, underscoring Ark Invest’s continued confidence in Tesla’s market potential.
The Tesla Trade
The Tesla shares were purchased through the flagship ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW). ARK purchased a total of 24,782 shares on Thursday. For the day, the shares closed 0.8% higher at $188.86.
Tesla shares have faced a downtrend since late October, reducing annual gains to about 101%. Despite a broader market rally in January, Tesla continued to decline amid uncertainties about the Fed’s rate decisions. The company’s recent earnings report revealed a double miss and raised concerns about a potential slowdown in volume growth in 2024. While some investors remain cautious, ARK Invest’s Cathie Wood remains bullish, predicting Tesla’s stock to reach $2,000 by 2027, driven by the anticipated launch of the robotaxi service.
The Rocket Lab Trade
On the same day, ...