TECH - Cathie Wood To Tesla's Rescue? Ark Invest Scoops Up $35M Of EV Giant's Sliding Stock | Benzinga
Tesla, Inc. (NASDAQ:TSLA) shares have been on a downward spiral this year amid worries about the EV giant potentially missing first-quarter delivery targets. Undeterred by the recent weakness, Cathie Wood‘s Ark Investment Management actively bought Tesla shares on Thursday.
Ark’s Pile-Up: Ark purchased a total of 216,682 Tesla shares across three of its actively managed exchange-traded funds on Thursday. The purchase, valued at $35.21 million based on Tesla’s closing price of $162.50, is broken down as follows:
- Ark Innovation ETF (ARKK): 161,956 shares
- ARK Autonomous Technology & Robotics ETF (ARKQ): 18,543 shares
- Ark Next Generation Internet ETF (ARKW): 36,183 shares
Tesla Faces Headwinds
Tesla’s stock has been on a broader downtrend since late 2021, with the decline accelerating since mid-2023. This can be attributed to several factors:
- EV ...