Cathie Wood’s Ark Continues Tesla Stock Buying Spree, Acquires Over $14M Worth Of Shares Amid Dip

On Thursday, Cathie Wood-led Ark Invest purchased a substantial number of shares in Tesla Inc. (NASDAQ:TSLA), despite the electric vehicle giant’s recent dip in stock price.

The TSLA Trade

Ark Invest’s ETFs, ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW), purchased 65,514 and 14,437 shares of Tesla respectively. This move comes after Tesla’s stock price had tumbled nearly 2.25%.

The value of the Tesla shares bought by Ark Invest on Thursday is estimated to be around $14 million, calculated from the closing price of $175.79. This move continues Ark’s trend of increasing its bet on Tesla. Just earlier in the week, Ark had bought Tesla shares worth $28.21 million, as the stock rebounded and outperformed the broader market.

Ark Invest’s Tasha Keeney estimated a $28 trillion opportunity in AI’s financial impact, particularly highlighting Tesla and drone technology. Keeney projected a rise in equity market capitalization linked to innovation, reaching $220 trillion by the decade’s end, with a focus on disruptive technologies like Tesla’s advancements in autonomous vehicles.

See Also: Bitcoin, Ethereum Take A Breather While Dogecoin Spike Pushes Crypto Market Cap Above $2.6 Trillion — Analyst Sees BTC Hitting $80K Before Next Halving

Other Key Trades:

ARKK also sold 15,693 shares of Coinbase Global Inc (NASDAQ:COIN) through ARKK and ARKW. The trade was calculated to be worth $4.16 million. Coinbase shares closed 3.28% higher at $265.12.

Ark Invest’s ARKF fund bought shares of Roblox Corp (NYSE:RBLX) and sold shares of Robinhood Markets Inc (NASDAQ:HOOD).

The ARKG fund purchased shares of Twist Bioscience Corp (NASDAQ:TWST) and shares of Personalis Inc (NASDAQ:PSNL).

The ARKQ fund sold shares of UiPath Inc (NYSE:PATH) and bought shares of Kratos Defense & Security (NASDAQ:KTOS).

Read Next: ‘You’re About To Get A Sale’ On Nvidia: Jim Cramer Shares Insight On Buying During Pullbacks

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