Cathie Wood’s ARK Invest reinforced its commitment to Elon Musk’s companies with a substantial purchase of Tesla shares. The firm acquired 96,935 Tesla shares spread across three of its exchange-traded funds (ETFs), marking an investment valued at approximately $38.14 million at Tesla’s closing price.
The largest portion of the acquisition came from the ARK Innovation ETF (ARKK), which bought 69,723 shares worth around $27.44 million. Meanwhile, the ARK Next Generation Internet ETF (ARKW) and the ARK Space Exploration & Innovation ETF (ARKX) added nearly $6.91 million and $3.80 million in Tesla stock, respectively. Notably, the ARK Autonomous Technology & Robotics ETF (ARKQ) did not add any Tesla shares during this session.
This Tesla purchase follows ARK Invest’s recent $32.5 million investment in SpaceX, expanding the firm’s exposure to Musk’s ventures. The move comes despite Tesla’s stock closing with a single-day loss of 7.49%, suggesting ARK may have seized the opportunity to buy at a price dip.
In addition to Tesla, ARK Invest increased its stake in Bullish (NASDAQ: BLSH), a crypto-related stock. The firm acquired a total of 86,983 shares through its ARKK and ARKW ETFs, representing a $2.22 million investment at the stock’s closing price of $25.57, which rose modestly during the trading day.