Editor’s Note: The headline has been revised for accuracy. It previously erroneously stated that Cathie Wood’s Ark Invest sold Tesla shares.

On Wednesday, Cathie Wood-led Ark Invest made a significant move by buying shares of Tesla Inc (NASDAQ:TSLA), despite the electric vehicle giant’s recent market challenges.

The Tesla Trade

Ark Invest’s ARK Next Generation Internet ETF (NYSE:ARKW) acquired 33,143 shares of Tesla, a move that came on the heels of a turbulent period for the company. The value of this trade, based on the closing price of $215.99 on the same day, is approximately $7.16 million.

This purchase is particularly noteworthy given the context of Tesla’s recent performance. The company’s second-quarter financial results, reported on Tuesday, showed a revenue beat but an EPS miss.

Other Key Trades:

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal