News

Cathie Wood’s ETFs Increase Stake in Tesla

1 Mins read

Cathie Wood’s high-profile investment firm, ARK Invest, made significant purchases of Tesla stock during the month of January, taking advantage of a dip in the electric vehicle giant’s share prices.

The ARK Innovation ETF (ARKK) acquired 48,864 shares of Tesla over the past three days, valued at $9.33 million based on the closing prices for each day. In total, throughout January, the ETF bought 628,675 shares worth $128.02 million.

Additionally, Wood’s ARK Net Generation Internet ETF (ARKW), which focuses on companies benefiting from technological infrastructure advancements, purchased 113,793 Tesla shares worth $23.06 million during the same month.

Overall, Cathie Wood’s ETFs invested approximately $151.08 million in Tesla stock during January.

Despite recent turbulence in Tesla’s stock, it experienced a 2.2% increase in value over the past three days and an additional 1% in Thursday’s premarket trading. Elon Musk, Chief Executive of Tesla, faced a setback as a court ruling rendered his $56 billion pay package ineffective. However, he expressed his intention to seek a shareholder vote to reincorporate the company in Texas.

In January, Tesla stock endured a rough period, declining by 24.6% due to disappointing earnings and concerns about decreasing demand for electric vehicles. This marked the largest monthly selloff since December 2022 when the stock plummeted by 36.7%.

Following these recent purchases, Tesla stock now represents the second-largest holding in the ARK Innovation ETF, accounting for 7.98% of its portfolio. It is also the fifth-largest holding in the ARK Next Generation Internet ETF, with a weighting of 5.40%.

Over the past three months, Tesla stock has decreased by 8.9%, while showing a modest 3.2% gain over the past year. In comparison, the Global X Autonomous & Electric Vehicles ETF (DRIV) experienced a loss of 6.8% over the past year, while the S&P 500 index displayed a 17.6% rally.

Related posts
News

IMF commends Sri Lanka's new govt for reform continuation

1 Mins read
COLOMBO, Apr 25: The International Monetary Fund (IMF) on Friday commended the Sri Lankan government, led by President Anura Kumara Dissanayake, for…
News

U.S. Federal Reserve revokes crypto guidance for banks

1 Mins read
25th April 2025 – (Washington) The U.S. Federal Reserve announced on 24th April that it will withdraw previous guidance requiring state member…
News

Largo Reports Q1 2025 Production and Sales Results; Provides Update on Operational Turnaround Plans By Investing.com

7 Mins read
All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated. Q1 2025 HighlightsBest Forex Trading Robots For 2022 TORONTO–(BUSINESS…

Leave a Reply

Your email address will not be published. Required fields are marked *