Cathie Wood-led Ark Invest Investment Management added more Tesla Inc TSLA stock to its portfolio on Tuesday, raising its exposure to the electric vehicle maker for the second time this month.
Ark Invest bought 3,000 shares, estimated to be worth $2.15 million, in Tesla on Tuesday.
Shares of the Elon Musk-led company closed 0.25% higher at $716.6 on Tuesday, but are down 40.3% so far this year, according to data from Benzinga Pro.
St. Petersburg, Florida-based Ark began buying shares in Tesla late last month when they plunged due to production issues in China and uncertainty over Musk’s $44 billion Twitter Inc TWTR take-private bid.
The popular investment firm last month scooped up 45,003 shares in Tesla and has bought 10,700 shares in June so far.
See Also: Elon Musk's Return-To-Office Ultimatum Meets Resistance In Germany
Tesla shares have been under intense pressure ever since China introduced extensive three-week lockdowns late in March, forcing production halts at Giga Shanghai.
While Shanghai is now gradually reopening, Musk’s Twitter ‘circus show’ and ‘soap opera' continue to weigh on the stock’s weakness.
The billionaire entrepreneur also warned of 10% job cuts at Tesla last week, but added that “hourly headcount will increase.”
Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF ARKK, Ark Autonomous Technology & Robotics ETF ARKQ and Ark Next Generation Internet ETF ARKW.
Those three ETFs held 1.31 million shares worth $937.8 million in Tesla before Tuesday’s trade.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
