Tesla Bull Cathie Wood Scoops Up $11.5M In Bill Gates-Backed Biotech's Stock

Ark Investment Management, led by Tesla Inc. TSLA bull Cathie Wood, on Wednesday scooped up 4.75 million shares estimated to be worth $11.5 million in Ginkgo Bioworks Holdings Inc DNA on the day the synthetic biology company slumped lower.

Ginkgo Bioworks closed 11.3% lower at $2.43 on Wednesday and is down 72% year-to-date.

Ark Invest has been piling up shares in the Boston, Massachusetts-based biotech company since it began trading on the New York Stock Exchange in September. Ginkgo Bioworks specializes in using genetic engineering to produce bacteria with industrial applications.

The asset management firm owns the stock via the Ark Genomic Revolution ETF ARKG and the Ark Innovation ETF ARKK.

The two ETFs together held 73.3 million shares — worth $200.8 million — in Ginkgo Bioworks ahead of Wednesday’s trade. 

See Also: Ginkgo Bioworks Stock Drops 20% After Short Sellers Call Company A 'Colossal Scam'

Besides Ark Invest, Microsoft Corp MSFT cofounder Bill Gates is the other known high-profile investor in the biotech company.

Ginkgo stock was hit hard last year after two back-to-back short-seller reports alleged that the company was a “colossal scam” and “a scheme.”

Photo courtesy: Ginkgo

Posted In: ARK Investment ManagementCathie WoodGingkoBiotechLong IdeasNewsPenny StocksBroad U.S. Equity ETFsTrading IdeasETFsGeneral