On Monday, Cathie Wood‘s Ark Invest made a significant move by purchasing $3.3 million worth of Tesla Inc (NASDAQ:TSLA) shares, reinforcing its faith in the electric vehicle giant despite its recent stock slump. This move comes amidst Tesla’s challenging market scenario, as detailed in recent Benzinga reports.

Tesla purchased 14,598 Tesla shares through its flagship ARK Innovation ETF (NYSE:ARKK) and another 2,648 shares through ARK Next Generation Internet ETF (NYSE:ARKW). The total number of shares purchased was 17,246. On Monday, Tesla shares closed 4.19% higher at $190.93.

Ark Invest’s decision to buy Tesla shares aligns with Wood’s ongoing support for the company, even after its stock faced a downturn following a Q4 earnings miss. This move is consistent with Wood’s strategy of investing in disruptive innovation, regardless of short-term market fluctuations.

• Ark Invest made a notable purchase of 58,468 shares in the ARK 21Shares Bitcoin ETF (NYSE:ARKB), reflecting its interest in cryptocurrency investments. The transaction, made through ARKW, was valued at nearly $2.8 million. The ARKB ETF closed 4.77% higher at $48.11 on Monday.
• Ark Invest sold a significant portion of Twilio Inc (NYSE:TWLO) shares, totaling 210,143 across ARKK and ARK Next Generation Internet ETF (NYSE:ARKW) funds.
• The firm also reduced its stake in PagerDuty Inc (NYSE:PD), selling 167,462 shares from the same funds.