Stumbling Tesla Still Finds Taker In Cathie Wood's ARK — So Do These Crypto-Linked Stocks

Cathie Wood-led ARK Investment Management bought over 3,800 shares of Tesla Inc TSLA on Wednesday at an estimated valuation of over $700,000 based on Wednesday’s closing price. The purchase was done via the fund’s ARK Autonomous Technology & Robotics ETF ARKQ, according to data on the company’s website.

Wood’s funds loaded up on Tesla last week after the stock faced intense selling pressure. ARK’s funds had bought over 39,000 shares of the EV-maker at an estimated valuation of over $7 million. The EV-maker continues to be the second-largest holding of the company’s flagship ARK Innovation ETF with a weight of 7.54%.

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Tesla witnessed some good news lately when the National Highway Traffic Safety Administration (NHTSA) and Insurance Institute for Highway Safety (IIHS) testing in the U.S. placed the company at the top of the pack when it came to vehicle crash safety. The European New Car Assessment Programme (Euro NCAP) testing also showed the Tesla Model S received the highest overall score among any vehicle tested under the current protocol.

However, shares of the EV maker closed 3.86% lower on Wednesday. James Murdoch, a Tesla director, testified in court on Wednesday that Elon Musk, in the last few months, has identified someone as a potential successor to lead the company, reported Reuters.

Other Buys: Wood’s funds also loaded up on two crypto-linked stocks on Wednesday. The Ark Fintech Innovation ETF ARKF and the ARK Innovation ETF ARKK bought over 245,000 shares of Coinbase Global Inc COIN at an estimated valuation of close to $12 million. ARKF also bought over 140,000 shares of Silvergate Capital Corp SI at an estimated valuation of over $4 million.

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