ARK Invest Loaded $47M+ Worth of Tesla TSLA Shares this Week Alone

ARK Invest loaded more than $20.6 million worth of Tesla shares on Friday. The firm bought during four trading sessions this week, adding about 390,000 shares, worth more than $47 million.

Cathie Wood is accelerating its purchase of Tesla shares this week, seizing the opportunity. This week, Tesla slashed the prices of its vehicles around the world, raising concerns among some investors. While some were selling shares of the manufacturer, others were buying, which caused some volatility. One of those who continued buying was Cathie Wood-managed ARK Invest, which has been loading its portfolio with cheap Tesla shares for months on end.

ARK’s Flagship exchange-traded fund, ARK Innovation ETF ARKK, bought 168,989 Tesla shares worth $20.68 million on Friday at the closing price of the trading session. It was a solid addition to what was purchased earlier this week. In the last five trading sessions, ARK Invest has been buying Tesla shares for four days.

Monday: 27,811 shares worth $3.3 million
Tuesday: 100,982 shares worth $12 million
Wednesday: 91,523 shares worth $11.28 million
Thursday: break
Friday: 168,989 shares worth $20.68 million

In total, 389,305 Tesla shares were purchased this week for a total value of $47.26 million. This comes in addition to last week's purchase, which cost ARK Invest $27.99 million. ARK Invest said last week that Tesla shares could reach $500 by 2026, while completely eliminating autonomous driving and any form of ride-hailing from its model. Previously, they accounted for more than 60% of the firm's valuation.

© 2023, Eva Fox | Tesmanian. All rights reserved.

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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.