Cathie Wood’s ARK Invest Reverses and Buys $28 Million Worth of Tesla Stock

In a shocking move, a couple of ARK Invest exchange-traded funds run by Cathie Wood capitulated on their Tesla position and bought shares. Over the past year, ARK Invest funds have only been dumping Tesla Inc. (NASDAQ: TSLA | TSLA Price Prediction) stock as it saw massive gains. However, as markets have entered correction territory (namely, tech stocks) Wood and company see this as a buying opportunity for Tesla, especially after Thursday’s session.

Currently, Telsa ranks as the single largest holding for ARK Invest, and the stock was brutalized during regular trading hours. It closed down over 11% to $829.10. The stock has traded in a 52-week range of $539.49 to $1,243.49. Tesla has a market cap of $832.63 billion.

As for ARK’s change in tact, a couple of exchange-traded funds bought roughly $28 million worth of Tesla altogether. The funds were each down around 4% on the day. Note that these ETFs are down sharply over the past year.

ARK Innovation ETF (NYSEARCA: ARKK) bought 27,799 shares of Tesla, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) purchased 5,683 shares. At Thursday’s closing price, this would have valued the purchases at $27.76 million altogether. Even though this constitutes a small fraction of their total holdings, every little bit counts. The innovation fund is down 52% in the past year, and the internet fund is down about 46%.
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Check out all the ARK Invest buys for Thursday as well:

Catherine Wood, the CEO and CIO of ARK Investment Management, is a minority and nonvoting shareholder of 24/7 Wall St., owner of a673b.bigscoots-temp.com.
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