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

Andrew Tate's ex-girlfriend accuses him of sexual assault and battery in new lawsuit - Washington Examiner

3 Mins read
It adds to existing legal trouble for Tate, who’s charged with human trafficking and forming a criminal gang to sexually exploit women…
News

The President ordered the BCV to use new mechanisms to protect the exchange system.

1 Mins read
The President of the Republic, Nicolás Maduro, ordered this Friday the rector of the economy and executive vice president, Delcy Rodríguez and…
News

Panama introduces legislation to legalize voluntary crypto payments, regulate industry | featured Adoption | CryptoRank.io

1 Mins read
Panama has unveiled a sweeping draft bill aimed at regulating cryptocurrencies and fostering the development of blockchain-based services, signaling a renewed effort…

Leave a Reply

Your email address will not be published.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