Key facts
- ARK Invest bought 96,935 shares of Tesla on July 2.
- The total value of the purchase was approximately $38.14 million.
- The ARK Innovation ETF was the largest buyer, acquiring 69,723 shares.
- Tesla shares experienced a 7.49% decline on the day of the purchase.
Cathie Wood's ARK Invest significantly increased its stake in Elon Musk's Tesla by purchasing approximately $38.14 million worth of shares on Thursday, July 2. This move follows a recent multi-million-dollar investment in SpaceX by the same firm.
The acquisition involved 96,935 Tesla shares distributed across three of ARK Invest's exchange-traded funds (ETFs). The ARK Innovation ETF (ARKK) was the primary buyer, acquiring 69,723 shares valued at around $27.44 million. The ARK Next Generation Internet ETF (ARKW) and the ARK Space Exploration & Innovation ETF (ARKX) also participated, with purchases amounting to approximately $6.91 million and $3.80 million, respectively. The ARK Autonomous Technology & Robotics ETF (ARKQ) did not add Tesla shares during this session.
At the time of the purchase, Tesla's stock closed at $393.45, reflecting a 7.49% decrease for the day. This suggests Cathie Wood may have been capitalizing on the dip in Tesla's share price. The report also noted Michael Saylor's company, MicroStrategy, highlighting its strong derivatives positioning compared to other tech giants like Tesla.
Additionally, ARK Invest's recent trading activity included the purchase of 86,983 shares of Bullish (BLSH), a crypto-related stock, valued at approximately $2.22 million.