Cathie Wood Loads Up Another $2M In Tesla While Elon Musk Urges Employees To Look Beyond Stock Plunge
As Tesla Inc TSLA shares witnessed a surprise rebound on Wednesday, Cathie Wood-led ARK Investment Management loaded up on the EV makers stock, having purchased 17,960 shares at an estimated valuation of over $2 million.
On Wednesday, Elon Musk reportedly told employees they should not be "bothered by stock market craziness" after the EV makers shares plunged nearly 70% this year on concerns over softening demand for electric vehicles and Musk's distraction following the Twitter purchase. In an email sent to staff on Wednesday which was reviewed by Reuters, Musk said he believes Tesla will be the most valuable company on earth in the long term.
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The surge in the stock price follows its decline to over two-year lows on Tuesday after a report indicated the company intended to run a reduced production schedule in January at its Shanghai plant. Since mid-December, Woods funds have loaded up over 232,000 shares of the EV maker.
Tesla is the fifth largest holding of ARKs flagship fund, the ARK Innovation ETF ARKK , with a weight of 6% while holding the same rank in the ARK Autonomous Tech. & Robotics ETF ARKQ with a weight of 6.98%, according to the latest data available on the companys website.
Other Buy: ARK has also loaded up on Fate Therapeutics Inc FATE shares which closed Wednesdays session 3.33% lower. ARK bought over 172,000 shares of the company at an estimated valuation of over $1.7 million.
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