© Reuters.
In the face of Tesla’s (NASDAQ:) recent market turbulence, Ark Invest, led by Cathie Wood, has doubled down on its support for the electric vehicle (EV) giant.
The investment firm’s Ark Innovation ETF (ARKK) purchased 148,246 Tesla shares on Thursday, while the Ark Next Generation Internet ETF (ARKW) added 29,624 shares. The combined total of 177,870 shares was valued at $32.48 million by Thursday’s market close.
Undeterred by the market’s fluctuations, Cathie Wood’s Ark Invest continued its Tesla buying spree on Friday, acquiring an additional 182,541 shares, with a market value of $33.45 million at the closing price. Of this, ARKK bought 151,984 shares, while ARKW added 30,557 shares. The two-day collective acquisition reached an impressive 360,411 shares.
Tesla’s stock experienced a significant setback on Thursday, plummeting 12.1% to $182.63, marking its lowest point since May. The following day, there was a marginal recovery, with shares edging up 0.3% to $183.25.
The EV giant has faced a challenging month, with a 25% decline in its stock value as concerns over plunging electric vehicle demand and analysts revising their expectations for the company dominated headlines.
The recent Tesla stock downturn was exacerbated by the company’s fourth-quarter earnings report, where it disclosed expectations for a “notably lower” growth rate in 2024.
Cathie Wood, a longtime supporter of Elon Musk’s EV venture, predicts a promising future for Tesla, projecting a stock value of $2,000 in 2027, with the robotaxi business as a pivotal driver.
Shares of TSLA are up 0.42% in mid-day trading on Tuesday.
